Pennybacker expands credit origination expertise
Steven Parrinello and Sydney Mas have joined Austin-based Pennybacker Capital Management, a $3.2 billion real estate-focused private equity firm.
Both executives previously worked together at Guggenheim Commercial Real Estate Finance. Parrinello originated and closed more than $1.8 billion of senior, mezzanine and construction loans at Guggenheim Commercial Real Estate Finance. Mas helped originate, underwrite and analyze more than $1.2 billion in commercial mortgage loans while at Guggenheim.
More recently, Mas was at WeWork, where she focused on enterprise clients as part of the portfolio optimization and asset management team.
“Steven and Sydney bring extensive commercial real estate finance experience to the firm,” said Tim Berry, Pennybacker’s CEO. “Adding professionals of their caliber will further our credit team’s origination and structuring capabilities, help us reach more plan sponsors, and capitalize on attractive high yield opportunities.”
Parrinello has 15 years of experience in commercial real estate debt. He is now responsible for developing and expanding the firm’s high-yield commercial real estate credit business at Pennybacker.
Before Guggenheim, he headed originations at Hudson Realty Capital and earlier served in a senior role at CapitalSource Finance.
Mas is responsible for underwriting, structuring, executing and managing Pennybacker’s credit investments.
To date, the firm has sponsored six discretionary value-add real estate private equity funds, two real estate credit funds, and four income and growth separate accounts.
