Ron Coggle, Hudson Advisors’ European president left the commercial real estate loan servicing firm at the start of the month after nine years, succeeded by Philippe Couturier from Goldman Sachs’ affiliate Archon Group.
Coggle has since been linked to a senior role at Apollo Capital Management’s loan servicing subsidiary Lapithus, but is understood not to be joining the firm. Coggle is credited with helping to build Hudson’s Germany loan servicing platform, which is owned by Lone Star.
Couturier, who joined earlier this month, has 16 years experience with Goldman’s Archon, latterly as head of loan asset management and acquisitions for Europe.
At Hudson, Couturier will have overall responsibility for the management of loan servicing in Germany, Spain, and the UK on behalf of Lone Star’s private equity real estate funds.
Last year Hudson Advisors restructured its European servicing platform in Germany with its Frankfurt office focused as the central hub for the loan servicer’s German operations.
Hudson’s growth has been considerable in recent years, aligned exclusively to Lone Star business, with combined primary and special loan servicing rising from €1.31bn in 2010 to to €2.58bn at the end of last year, according to Standard & Poor’s.
Hudson is managing the loan portfolio’s from a string of Lone Star’s non-performing loan portfolio wins over the last 12 months, including: Project Royal, Excalibur, Societe Generale and Project Kildaire.
In a report – entitled The Changing Face Of Servicing In The European Commercial Mortgage Market – S&P wrote that the economic climate, the rising tide of loan maturities, together with no recovery among poor secondary and tertiary property values and limited refinancing options, would continue to characterise a difficult environment for servicers.
“Deteriorating market conditions have tended to result in more prolonged and complex workout periods,” wrote S&P.
The ratings agency continued: “Although our rankings show that servicers are holding their own in difficult times, the European commercial mortgage market is unlikely to improve much in the next few years, in our view, as demand and prices remain depressed and lenders show no sign of re-entering the commercial real estate market.”
Earlier this month, CoStar News reported that Greenfield Partners and Raith Capital Partners are establishing a brand new real estate loan servicing platform in London, headed by Mount Street Capital partners Ravi Joseph and Bill Sexton, along with former European head of loan and special at CBRE, Paul Lloyd.
S&P forecasts that the trend of two-thirds of the European CMBS loans that it rates will fail to repay by maturity is likely to extend into 2013.
Based on the 159 loans scheduled to mature in the next year which S&P rates, this equates to €12bn of the €24bn maturing loan balance.