Cushman & Wakefield has brought back a South Florida industry veteran as a managing director of the brokerage's Florida equity, debt and structured finance team in anticipation of a potential thaw in capital markets.
In his new role at Cushman & Wakefield, Errol Blumer joins a local, four-member team led by Robert Kaplan, the group’s executive managing director, and will work to arrange financing for developers and investors across all asset classes throughout Florida. Blumer and the group will also work alongside brokers to generate new business.
Blumer, who started his real estate career nearly 15 years ago, will work out of the brokerage’s Fort Lauderdale office. There, he will help “expand our financing capabilities and platform, and continued growth in the South Florida region,” said Wanda Riley, the brokerage’s Florida managing principal, in a prepared statement.
“Through his previous experience with our firm and in capital markets, he will serve as a strong advisor to our clients as the lending environment begins to recover,” she added.
Blumer rejoins Cushman & Wakefield as the Chicago-based brokerage prepares for a “waterfall effect” of real estate sales, driven by potential interest rate cuts, said CEO Michelle MacKay on the company’s second-quarter earnings call on Monday.
“The majority of the uncertainty around rates and inflation has started to move into the rear-view mirror. We’ve seen better inflation data, and the economy has remained resilient, and this is positive for capital markets,” said MacKay.
Blumer previously worked for Cushman & Wakefield as a capital markets broker before leaving in 2020 to set up sales offices for Northmarq and later Los Angeles-based multifamily developer Cypress Equity Investment.