Steve Rosenberg, who founded commercial property finance firm Greystone more than three decades ago, is set to hand the leadership reins to a banking and wealth management veteran who is expected to help the firm expand into new business lines.
New York City-based Greystone, which had its first office in the back room of a music store in Atlanta, has appointed Hafize Gaye Erkan as its next chief executive officer. The firm said Erkan would assume her new responsibilities in September.
Erkan is a veteran of the financial services industry. She served as co-CEO, president and director of San Francisco-based First Republic Bank until December 2021, after joining the bank in 2014. From 2005 to 2014, she worked as a managing director at Goldman Sachs.
Rosenberg said in a statement that Erkan would draw on her two decades in the financial services industry as she works "to drive the next generation of investment and innovation as we pursue strategic growth opportunities, both organically and through acquisitions."
Erkan is set to take over Greystone at a key juncture for the firm as it executes a two-pronged plan for growth.
The first part of its growth vision centers on accelerating its core commercial and multifamily lending and capital markets business. Greystone said it plans to expand this core business by investing in technology, operations and people, including its commitment to its joint venture with global brokerage Cushman & Wakefield.
Late last year, Cushman & Wakefield acquired a 40% stake in Greystone's agency, servicing and Federal Housing Administration financing businesses. Cushman & Wakefield said the partnership would give its clients more direct access to debt products to buy, refinance, build and refurbish apartment properties.
The second part of Greystone's growth plan focuses on expanding into adjacent financial services including a range of lending products, private wealth management and real estate and financial technology fund management.
During her nearly eight years at First Republic Bank, Erkan held several C-level positions, including chief investment officer, chief deposit officer and co-chief-risk officer.
While at investment giant Goldman Sachs, she advised large U.S. banks and insurance companies on key issues including balance sheet management, stress testing, and capital planning and mergers and acquisitions.
When Erkan succeeds Rosenberg as CEO, he will continue to serve as Greystone's executive chairman.
Rosenberg founded the company in 1988, during the savings and loan crisis, after working in commercial real estate finance at Dean Witter Reynolds, now part of Morgan Stanley. When Rosenberg launched Greystone in the back of a friend's store in Georgia's capital, the firm focused on restructuring distressed real estate holdings.
Erkan, in a post on LinkedIn, said she would embrace Rosenberg's philosophy of appreciating the firm's employees and giving back to the community.
"Under my leadership and Steve’s ongoing commitment to the business, we will continue to build a world-class financial services company that cares deeply about its clients, partners, and employees," Erkan said in the post.