Money Management

PPM America adds managing director on real estate debt team

Mark Kramer was named managing director at PPM America, where he will work with the firm's real estate debt team focusing on higher yielding debt, a PPM spokeswoman said.

The position is new, the spokeswoman said. He will report to Kent Born, senior managing director and head of commercial real estate.

Mr. Kramer was a director of commercial real estate debt at BlackRock (BLK). A BlackRock spokesman said Mr. Kramer's duties are being reassigned to others on the commercial real estate debt team.

PPM America had $111.6 billion in total assets under management as of June 30, including $8.1 billion in commercial mortgage lending assets, $2.7 billion in commercial mortgage-backed securities and $2.6 billion in real estate investment trust debt.