During a 20 plus year career Mr. Fornaby has been involved with the acquisition, operation, financing and disposition of more than $2 billion of commercial real estate. He is the third generation of his family to be involved with the industry and has particular expertise in the diligence and asset management of defaulted commercial real estate debt as well as the asset management of challenging equity investments.
Forum Capital Partners Founding
Mr. Fornaby formed Forum Capital Partners LLC in 2006 after 18 years of banking and private equity experience. The firm is focused on providing loan workout advisory services to lenders as well as buyers of distressed loans. During his career, Mr. Fornaby has resolved over $1 billion of non-performing commercial real estate loans through the repossession, bankruptcy and restructure process. Mr. Fornaby served on numerous creditors’ committees, negotiated deed-in-lieu of foreclosure agreements, prosecuted foreclosure proceedings, navigated the bankruptcy process to enforce rights, negotiated loan modifications where warranted and pursued deficiency judgments. In addition, Mr. Fornaby supervised the operation of 3,000 multifamily housing units and 500,000 square feet of foreclosed commercial real estate and completed the disposition of several hundred million dollars worth of real estate and whole loans.
In 1989, Mr. Fornaby co-founded the workout group at CrossLand Savings, FSB, a $15 billion thrift based in
New York City, and in 1991, ran the workout department at Apple Bank, a $6 billion institution also based
in New York City.
In 1997, Mr. Fornaby joined Manhattan-based Country Bank, a commercial real estate bank, as a Senior Executive and Board Member. Mr. Fornaby increased the size of the bank’s loan portfolio 2x, and earnings by 4x, over a
five-year period. Today, Country Bank is a $500 million institution and Mr. Fornaby remains a shareholder. Mr. Fornaby also co-founded ValueXpress LLC in 1995. ValueXpress is a commercial mortgage banking firm that has closed over $1 billion of conduit and SBA 504 loans since its founding.
Real Estate Experience
From 1994 to 2006, Mr. Fornaby served as Senior Vice President at Value Investors, Inc., a family office that targeted value-added real estate investments in New York, Pittsburgh and St. Louis. Mr. Fornaby led the redevelopment of an industrial brownfield project totaling one million square feet. He asset managed a 28-story multipurpose residential and commercial project in downtown St. Louis. Mr. Fornaby led the DIP financing for and acquisition of the Concord Resort Hotel in Sullivan County, New York. In addition, Mr. Fornaby oversaw the management of co-op conversions totaling over 1,000 units. Mr. Fornaby consistently delivered outsized positive returns to investors despite difficult market conditions.
Mr. Fornaby earned a Bachelor of Science degree Cum Laude from Fordham University and holds a Master of Business Administration from Columbia University. He is a licensed real estate broker in the State of New York.