ORIX Corporation USA appointed Dean Dulchinos as Managing Director and Head of Real Estate Credit. Dulchinos is based in New York and reports to Jeff Abrams, Group Head of Private Credit and Real Estate and Member, Executive Committee. Dulchinos has over 20 years of experience building and managing global commercial real estate (CRE) platforms, including 17 years at Barings/MassMutual companies in senior leadership positions within global CRE investing, including as Head of Real Estate Debt Portfolio Management and Capital Markets and Head of Structured Investments.
As Head of Real Estate Credit, Dulchinos will be responsible for expanding ORIX USA’s third party CRE credit asset management business. He will serve as a Portfolio Manager, developing investment products that leverage the firm’s real estate businesses including Lument, a national leader in commercial real estate finance and provider of capital solutions for investors in multifamily, affordable housing, and seniors housing and healthcare real estate. Dulchinos will collaborate with Jim Flynn, CEO of Lument, to raise and deploy capital for Lument-originated non-agency investment products, expanding the firm’s offerings for existing and prospective investors. More broadly, he will work with ORIX USA’s Real Estate lines of business including the Real Estate Capital Group and Boston Financial to expand origination, oversee third party CRE debt portfolios, and, with ORIX USA’s Investor Solutions team, grow the firm’s investor base and product offerings.
Dulchinos joins ORIX USA from global real estate investment manager AEW Capital Management, where he was Head of Debt Portfolio Management, responsible for investing and managing CRE debt in stabilized, transitional, and construction strategies. He previously served as Head of Single-Family Rental Portfolio Management at the Amherst Group and worked for a total of 17 years at Barings/MassMutual companies, most recently as Head of Real Estate Debt Portfolio Management and Capital Markets at Barings. In that role, he led new CRE debt product development and capital raising for commingled funds and separately managed accounts, and was responsible for portfolio construction, investment allocations, risk-based capital management, as well as global capital markets activity, for the CRE debt platform. He was previously Senior Portfolio Manager for CRE structured debt products at Cornerstone Real Estate Advisors and a founding member of the CRE high yield team at Babson Capital Management, both of which were Barings/MassMutual companies.
“Dean is a very strong and experienced addition to our platform and has the ideal background to expand our third party CRE credit offering, connecting our private credit asset management platform with our established real estate businesses to offer investors a set of investment strategies that ORIX USA has been investing in for years,” said Mr. Abrams. “We see a compelling market opportunity in real estate private credit over the next few years driven by several factors, including significant near-term CRE debt maturities, structural shifts in the sources of credit for transitional CRE strategies, and the prospect of a moderating interest rate environment. Dean will leverage these attractive market dynamics and the significant debt origination capacity we have in our Real Estate lines of business with the goal of delivering excellent investment outcomes for third party investors.”
“We are looking forward to partnering with Dean on this cross-business initiative to raise third party capital that will expand our capital base and our investor relationships,” added Flynn. “Having also recently expanded our real estate capital markets team and launched a conventional multifamily investment sales platform, we are well positioned to use our platform to further deliver better results and solutions for our Lument clients.”
Earlier in his career, Dulchinos was a practicing attorney, including serving as Counsel at MassMutual Life Insurance, where he represented the firm in CRE debt investments, private placements, and mergers and acquisitions. Mr. Dulchinos holds a BS in Business Administration - Finance from Western New England University and a JD from Western New England University School of Law.