Home News AR Capital’s Realty Finance Trust Loses Senior Execs

AR Capital’s Realty Finance Trust Loses Senior Execs

Realty Finance Trust, a publicly registered non-traded real estate investment trust sponsored by AR Capital, announced that Donald MacKinnon resigned from his positions as president and chief operating officer of the REIT and its advisor. Donald Ramon also resigned from his positions as chief financial officer, treasurer and secretary of the REIT and its advisor to pursue other opportunities. According to a filing with the Securities and Exchange Commission, the separation with Ramon was mutual and there were no disagreements between him and the company.

Realty Finance Trust’s board appointed Matt Donnelly to replace MacKinnon, while longtime AR Capital insider Nicholas Radesca will replace Ramon.

Radesca has served as the chief financial officer and executive vice president at AR Capital LLC since December 2012. He also serves in the same capacity for a number of AR Capital-sponsored REIT’s, including its Business Development Corporation of America, where he is the chief financial officer, treasurer and secretary.

The board of directors also removed Andrew Winer from his position as chief investment officer of the company and its advisor. His successor has not been named.

Last week, Winer stepped down as president and chief investment officer of American Realty Capital Global Trust II and Global Net Lease (NYSE: GNL), two REITs founded and externally managed by AR Capital, “by mutual agreement with the company to pursue other opportunities.”

There have been numerous management changes in recent days amid the ongoing scandal associated with the family of companies founded by Nicholas Schorsch and his partners.

American Realty Capital Global Trust II and American Realty Capital New York City REIT Inc. announced that William Kahane has resigned from his role as a director of both companies, and was replaced by Michael Weil who will serve as director and executive chairman of the boards. According to a company filing with the Securities and Exchange Commission, Kahane “did not resign pursuant to any disagreement with the company.”

Patrick Goulding also stepped down as chief financial officer, treasurer and secretary “by mutual agreement” with American Realty Capital Global Trust II to “pursue other opportunities.” Goulding will be replaced by Timothy Salvemini effective December 1st.

Robert Grunewald was removed from his position as president, chief investment officer and chief operating officer of Business Development Corporation of America. James Fisher was appointed to replace him as president and chief operating officer of the company.