LOS ANGELES, CA - CapitalSource, a division of Pacific Western Bank and a nationally recognized commercial lender to small and mid-sized businesses, announced today that Patrick Crandall has joined the firm as a Director in the Construction Real Estate Group. He will operate out of the firm’s Los Angeles Office, and will be responsible for sourcing and originating deals nationwide as a member of that team.
“Pat brings nearly 30 years of experience in real estate and extensive industry relationships to his new role at CapitalSource,” commented Tom Whitesell, Managing Director, Construction Real Estate Group. “He has solid expertise in originations, risk management, acquisitions, asset/portfolio management, and commercial and residential underwriting/valuation.”
Prior to joining CapitalSource, Crandall was the head of lending for Sabal Financial Group, LLC, where he was responsible for overseeing all aspects of the firm’s lending platforms, including originations, credit, underwriting, and operations. Before that, Crandall led the west coast Equity, Debt & Structured Finance Group at Cushman & Wakefield, where he arranged joint venture equity, mezzanine and senior financing for clients.
“Our team is rapidly growing and Pat brings expertise in structuring complicated construction and bridge loans and providing the financing solutions developers and investors need today,” continued Tom. “We're very excited to have Pat join the team, as he truly complements our capabilities.”
Earlier in his career, he ran west coast originations for CIBC, a major commercial bank based in Toronto, and oversaw new loan originations for the northern portion of the Western United States and a portfolio of existing bridge and construction loans for iStar Financial, a New York-based mortgage REIT. He joined the iStar team through its acquisition of the commercial real estate operation of Fremont Investment & Loan, where he spent almost nine years, first on its credit committee, and later opening and managing the firm’s northeast regional office in Manhattan.
Prior to Fremont he was with JE Robert Companies, where he led west coast acquisitions and underwrote and acquired performing and non-performing loan portfolios as well as one-off opportunistic investments in the US, Mexico and Japan.
Crandall holds a California salesperson license and is a member of the Urban Land Institute, Mortgage Bankers Association, International Council of Shopping Centers, and also sits on a number of non-profit boards. He received a Bachelor of Arts from California State University, Fullerton.
About CapitalSource: CapitalSource makes commercial loans to small and middle-market businesses nationwide. CapitalSource is a division of Pacific Western Bank, a Los Angeles-based commercial bank with over $21 billion in assets and 80 full-service branches. Pacific Western Bank is a wholly-owned subsidiary of PacWest Bancorp (NASDAQ:PACW). For more information, visit capitalsource.com