UPDATED, 2:49 p.m., July 13: Dustin Stolly, a prominent mortgage broker who left JLL last month, is joining Newmark Knight Frank as vice chair and co-head of the debt and structured finance group for the New York tri-state region, sources told The Real Deal.
Stolly would partner with Jordan Roeschlaub to run the department, which doesn’t currently have a clear leadership structure, sources said. Stolly and Roeschlaub would both have the title of vice chair.
He is expected to start July 18 and will report directly to Newmark CEO Barry Gosin, a representative for Newmark confirmed.
“We knew that he would be a cultural and functional fit for the firm. Dustin’s track record and relationships, coupled with his knowledge and experience, makes him the best in the business,” said Jimmy Kuhn, president of Newmark, in a statement.
Stolly abruptly exited JLL in June after nearly a decade at the firm. As a managing director in JLL’s real estate investment banking practice, he specialized in brokering hotel and office building financings in New York City and Miami. He arranged Starwood Capital Group’s $500 million refinancing of an 85-hotel portfolio across the U.S. in 2015, and most recently brokered a $150 million construction loan for the Dumbo office conversion 10 Jay Street.
He reportedly originated about $30 billion in loan deals over his career. Prior to JLL, he worked at UBS and Eurohypo.
After Stolly’s departure, sources had said he was considering starting his own debt brokerage.
Other members of Newmark’s debt team include Daniel Fromm and Steven Sperandio. The brokerage had been looking to ramp up its mortgage operation. Sources said Stolly and Roeschlaub would plan to expand the team with new hires.
Newmark’s team recently brokered Orda Management Corporation’s $430 million refinancing 225-233 Park Avenue South.
As of TRD‘s May 2016 ranking of New York’s most active mortgage brokerages in the $50 million-plus range, JLL placed sixth, with $1.41 billion in deals. Newmark did not make the top 15. Newmark, which has since expanded its mortgage business, did $4 billion in New York City loan deals in 2016, the firm said.