Rodin Global Property Trust Inc. and Rodin Income Trust Inc., two real estate investment trusts sponsored by Cantor Fitzgerald Investors, announced that Steven Bisgay submitted his resignation as chief financial officer and treasurer of both REITs and their respective advisors, effective December 31, 2019.
Bisgay also resigned as a director of each REIT’s board. The companies noted that the resignation was not based on any disagreement with operations, policies or practices.
The boards of each REIT appointed Paul Pion as a director, CFO and treasurer to fill the vacancy created by Bisgay’s resignation, effective January 1, 2020. Pion will also serve as the advisor’s CFO and treasurer.
Pion has served as U.S. chief administrative officer and senior managing director of Cantor Fitzgerald & Co. since August 2011.
In this position, he oversees a range of functions including client management, cost control, procurement, vendor management, business continuity planning, facilities and insurance. In addition, he serves as treasurer of the Cantor Fitzgerald Relief Fund.
Additionally, since January 2012, Pion has served as chief executive officer of Tower Bridge International Services LP and is responsible for the back-office functions under a shared-services model for all Cantor UK-based businesses.
Pion previously served in numerous positions for Cantor including global director of internal audit and was involved in various special projects from 2002 to 2010.
Prior to joining Cantor, he served for approximately 14 years with the accounting firm Deloitte & Touche, most recently as an audit and assurance partner focusing on financial services clients. At Deloitte, he also led the New York office’s China practice.
Pion received a bachelor’s degree in accounting from the State University of New York at Albany, holds FINRA Series 7 and 27 licenses, and is a certified public accountant in the State of New York.
Following his appointment, he will continue with his roles at Cantor and its affiliates.
Rodin Global Property Trust invests primarily in single-tenant net leased commercial properties located in the United States and Europe and raised approximately $127.3 million in investor equity, as of November 12, 2019. As of the third quarter 2019, the company has invested approximately $161.8 million in real estate and real estate-related assets. The offering is expected to close on March 23, 2020.
Rodin Income Trust launched in June 2018 and focuses on originating mortgage and mezzanine loans secured mainly by commercial real estate located primarily in the U.S., United Kingdom, and other European Countries.
As of the third quarter of 2019, Rodin Income Trust had made two investments including an $18 million fixed rate mezzanine loan and a $9 million floating-rate mezzanine to affiliates of Delshah Capital Limited. The company has raised $10.8 million in investor’s equity as of November 12, 2019.