Mr. Gray has 30 years of experience as a principal in commercial real estate. Prior to co-founding the commercial real estate investing platform of TerraCap in March 2011, Mr. Gray was with Cantor Fitzgerald & Co from March 2010 to March 2011 in the role of Senior Managing Director and Global Head of Merchant Banking. His role encompassed establishing, capitalizing and acquiring real estate investing and operating companies globally.
Mr. Gray was a Managing Director at Morgan Stanley Real Estate Investing from August 2002 to March 2010, a $60 billion real estate investment business. As the head of Real Estate Capital Markets for the real estate private equity investing business for the Americas, Mr. Gray ran a team responsible for sourcing and executing the capital structure for substantially all real estate investments in the United States, Canada, Mexico and Brazil. Mr. Gray also was responsible as Chief Investment Officer for the Morgan Stanley Mezzanine Partners Fund, a $1.5 billion global debt fund raised in December 2007. Previously, Mr. Gray served from September 2002 to August 2007 in the capacity of head of Real Estate Capital Markets for real estate investing throughout Europe, and was responsible for capital structures in Morgan Stanley offices located in London, Frankfurt, Paris, Milan, Madrid, Moscow and Istanbul. Mr. Gray worked closely with the Morgan Stanley investment banking team on various international corporate acquisition advisory mandates. Mr. Gray was a voting member of the investment committee, and his vote was required for substantially all investment decisions.
Prior to joining Morgan Stanley, Mr. Gray worked at J.P. Morgan from March 1995 to March 2001. He was a senior member of the team that developed J.P. Morgan’s Commercial Real Estate Lending and Securitization Program in the United States, and eventually Tokyo and London. The program originated loans across the United States, Europe and Asia and was integrated with investment banking and debt trading. Mr. Gray was a voting member of the global credit and capital allocation committee, and his vote was required for substantially all credit investment decisions. Mr. Gray had personal signature authority of $150 million.
From March 1991 to March 1995, Mr. Gray worked as Vice President for Creamer Realty Consultants with three Managing Directors who spun out of Citicorp Real Estate to represent borrowers on prominent commercial real estate projects in their debt restructure negotiations with lenders.
Mr. Gray worked in the loan restructuring group for Citicorp Real Estate as Associate, Commercial Real Estate Debt Restructuring from May 1990 to March 1991, and in commercial property equity acquisitions for Citicorp Real Estate Investment & Management from May 1988 to April 1990 as a Management Associate providing investment analysis on commercial real estate investments across the United States.
Mr. Gray graduated from Columbia Business School in January 1990 with an MBA in finance and from Lehigh University in June 1985 with a Bachelor of Science in engineering and minor in economics.
Mr. Gray owns an interest in TerraCap Management, LLC. Mr. Gray devotes a portion of his business time and attention to oversight of TerraCap Management, LLC’s activities in respect of TerraCap II and TerraCap III. Mr. Gray will not devote any time or attention to TerraCap IV or TerraCap V, or to the oversight of TerraCap Management, LLC’s activities in respect of TerraCap IV or TerraCap V, and he otherwise will not be involved with TerraCap IV or TerraCap V.