Mount Vernon Asset Management
Mount Vernon Asset Management, LLC (MVAM) was founded in 2005 by commercial real estate lender and investor Geoffrey Curme to provide asset management services for third-party commercial real estate investors on both the debt and equity side.
Seeing an opportunity in changing real estate dynamics, MVAM expanded its scope in 2006 to include underwriting and buy-side advisory services. Recent activity includes infill land acquisition and redevelopment advisory.
MVAM prides itself on the extensive relationships it has built with its professional service and capital providers.
Our belief, and indeed our standard, is that a no-nonsense, respectful approach, combined with a dash of humor, will —and does— attract top-flight talent and investors.MVAM also works closely with affiliate company Mirador Real Estate Advisors.
Geoffrey Curme, Founder and Managing Member
Geoffrey Curme has been involved in real estate lending, equity placement and investment, development and asset management since 1974. During his career, Geoffrey has worked with and managed a diverse group of clients and assets. Accomplishments range from leading loan workout teams for banking institutions and disposing of large portfolio troubled assets to assembling land for what have become signature developments in the Charlotte area.
"Buying at the right price is everything."
Geoffrey began his career at The Bank of New York, where as an unsecured loan officer he worked with clients including Metropolitan Museum of Art, Metropolitan Opera, NY Public Library, Phillip Morris and Dodd Mead & Co. (a book publisher).
He moved to Charlotte in 1979, lured by the city’s reputation as an attractive place to raise a family and as a growing business and banking center. After arriving, he raised equity for Synco, Inc. and later Lat Purser & Associates, Inc. (LPA)
A short stint as a commercial real estate lender for First Union National Bank in 1989 turned into a position on the work out team after the Savings & Loan Crisis hit the East Coast in 4Q89. In 2Q99, Geoffrey moved to the real estate division of the bank’s Real Estate Capital Markets Division (RECM), where he served as the boots on the ground to organize and activate First Union’s CMBS special servicing team, which was first rated by S&P in May 2000.
Simultaneously to working on loan recoveries, Geoffrey served as an asset manager for RECM’s High Yield business unit, which made mortgages >75% LTV and preferred equity investments. High Yield investments were placed coast to coast.
Since forming MVAM, Geoffrey has acquired, repositioned and sold distressed assets throughout the Southeast. In Charlotte, Geoffrey was involved in the repositioning and sale of some of the city’s most notable properties, including the EpiCentre in uptown and the Rosewood Condominiums in south Charlotte.
- Sourced, negotiated, acquired, financed, placed equity, asset managed and investor reported on numerous real estate value-add investments across the country.
- Acquired, repositioned and sold the EpiCentre in uptown, a complicated asset that was beset by warring parties, bankruptcy, and allegations of fraud.
- Found value-add investment opportunities for principals at LPA and crafted several acquisitions, including replacing a tired grocery store with a fresh, expanding grocer. Geoffrey co-invested with the LPA principals, negotiated the acquisition, placed the debt and equity, oversaw the value-add work, and assisted with the subsequent sale of the assets. Equity was placed directly with the individual investors or indirectly via limited partnerships sponsored by Interstate/Johnson Lane (subsequently merged with Wachovia).
- Oversaw CMBS workouts that included defaulted loans secured by nationally located Helig Myers, Service Merchandise and Kmart stores.
- Led the initial land assemblage for what are now two of Charlotte’s signature projects: 300 South Tryon Street and Romare Bearden Park.
- Put into place investment programs for three large nonprofits in New York City.
Along the way, Geoffrey has developed guiding principals that inform his decisions. They include:
Buying at the right price is everything.
Cost basis is hugely important.
Disciplined execution on the game plan, especially the timing of the sale, is essential.
- Time is of the essence.
- The comeback story has to be plausible.
Geoffrey believes straight talk and a common sense approach go a long way. During his career, he has cultivated an extensive and trusted network of contacts across the capital markets, and he prides himself on the reputation he's built for being a straight shooter.
Geoffrey also has honed a healthy respect for the factors that influence a good market, two of which are trending economics and the underlying psychology.
Family and Personal Interests
Personal interests include attending to his adult children and wife, giving back to the community and playing sports.
Geoffrey is active in local non-profits, including serving on the board of Charlotte-based Community Link, which helps those in need find housing and teaches homeownership skills. Geoffrey also is an active member of St. Peter’s Episcopal Church, which founded the hospital that became Carolinas Medical Center and started The Choir School.
Geoffrey attributes his staying healthy to part luck and part paying attention to diet, sleep and exercise. He is a fan of soccer and tennis and played on his alma mater's varsity soccer team.
- Counselors of Real Estate, member since 2006; incoming chair, 2018
- Urban Land Institute (associate member)
- First Union Alumni
St. Peter’s Episcopal Church
Childress Klein School of Real Estate Advisory Board (Belk College of Business at UNC-Charlotte)
Instruction and publications
- Mount Vernon University: provided CMBS loan servicing instruction and coaching for Wachovia CMBS loan servicing personnel, 2005–08.
Honors and awards
- Counselors of Real Estate Creative Thinkers Award (2015) for asset recovery work at EpiCentre
- Top Gun (1993) for asset recovery work (Northeast Portfolio)
- University of Virginia, BA, 1973