The directors of Royalton are committed to bringing new capital and real estate development to Texas. They are also dedicated to contributing to the economy of the region.
Royalton's investment team has broad and deep real estate industry experience. Each member brings a unique background that provides the group with expertise in virtually every segment of the real estate industry. The team's broad-based experience translates into a competitive advantage for Royalton and its investors.
Terry W. Gwin
President and Managing Partner • Investment Committee Member
Terry Gwin is a veteran investor and developer with more than 30 years of commercial real estate experience. As the founder and President of Royalton Real Estate Capital, LLC, he brings an excellent reputation and a valuable network of developers, operators , and partners.
Before Royalton Real Estate Capital, Mr. Gwin founded Highland Capital Real Estate Advisory, the real estate private equity arm of Highland Capital Management, L.P., a registered investment adviser with $28 billion in assets under management. Before that, he served as President of HSM Equity Partners, Inc., and was a partner with Phoenix Capital Partners, Ltd., a real estate private equity firm focused on multifamily development nationwide.
He was also a Senior Vice President of Development and Acquisition for Columbia/HCA Healthcare Corporation for three years, and earlier in his career, he served as a surgery center developer with Medical Care America.
Mr. Gwin graduated from Arkansas State University, where he was recently inducted into the Football Ring of Honor and Hall of Fame.
Marshall A. Hess
Executive Vice President and Partner
Marshall Hess is Executive Vice President and a Partner with Royalton. He has more than fourteen years of experience in real estate private equity investing. Mr. Hess served under Terry Gwin at HSM Equity Partners, and joined Highland Capital Real Estate Advisors as Senior Vice President responsible for transaction sourcing, raising equity capital, and managing investor relations. Mr. Hess is responsible for investor relations and transaction sourcing with a particular emphasis on raw land opportunities.
In addition to his wealth of experience in the private equity market, Mr. Hess' expertise includes debt and equity real estate financing, land brokerage, and retail leasing. In previous years, Mr. Hess was Co-Director of Acquisitions at TCP Capital Partners, where he was responsible for sourcing and evaluating potential investments in retail centers around the country. Throughout his career, he has been responsible for the acquisition and disposition of over $1 billion in commercial real estate assets. He has also advised and directed the real estate investments of institutional and private investors - both domestic and foreign.
A native of San Antonio, Mr. Hess is an active member of both the San Antonio and Dallas communities. Mr. Hess earned his bachelor's degree at Trinity University, where he currently serves as a member of the National Alumni Board.
David S. Dunson
Executive Vice President and Partner
David Dunson is Executive Vice President and a Partner with Royalton Real Estate Capital, LLC. He is responsible for transaction sourcing and evaluation, with a particular focus on office, industrial and retail developments and acquisitions. Mr. Dunson has more than ten years of experience with the analysis, acquisition, disposition and management of commercial real estate assets.
Previously, Mr. Dunson was Executive Vice President with Highland Capital Real Estate Advisors, the real estate private equity arm of Highland Capital Management, L.P., where he sourced, evaluated and closed numerous real estate transactions.
Prior to his tenure at Highland, Mr. Dunson was Senior Vice President of Acquisitions at HSM Equity Partners. Prior to that, he served as Vice President and Western Region Manager at JPMorganChase, where he was responsible for the firm’s corporate real estate activities throughout the western United States. Mr. Dunson executed more than one million square feet of leases and oversaw in excess of $150 million in construction projects, including JPMorgan International Plaza in Dallas.
Mr. Dunson’s career has included employment at Meridian Industrial Trust, where he sourced and analyzed industrial acquisition opportunities, and work as a Financial Analyst with Grubb & Ellis Mortgage Group, where he underwrote debt and equity financing for all commercial property types.
Mr. Dunson received a Bachelor of Business Administration from the University of Texas at Austin, with a major in Finance. He also holds a Master of Business Administration from Southern Methodist University.
David R. Young
Executive Vice President and Partner
David Young brings 30 years of real estate investment experience across a broad spectrum of property types. He has acquired and developed multifamily, retail, office and industrial properties from California to Washington DC.
Prior to joining Royalton, Mr. Young was a principal at NDC Capital Partners, a real estate private equity firm based in New York. Before that, he was a Managing Director at Greenstreet Capital Partners and Citibank Private Bank’s Global Real Estate Investment Department. At each of these firms Mr. Young sourced real estate investment transactions on a national basis. Like Royalton, these firms often employed a co-investment model with local operating partners.
Mr. Young spent 17 years at Merrill Lynch in New York. He was instrumental in the acquisition, asset management and disposition of $1.8 billion of equity invested in commercial real estate projects throughout the U.S.
Mr. Young received a B.A. in Economics from The University of Texas at Austin. He also holds an MBA in Finance from New York University’s Stern School of Business Administration. He has been an active member of ULI for 25 years.
Stuart P. Smith
Senior Vice President and Partner
Stuart Smith is Senior Vice President and a Partner with Royalton Real Estate Capital, LLC. He brings several years of commercial real estate analysis and underwriting experience to the firm, in addition to considerable transaction and capital sourcing abilities. He is responsible for transaction sourcing, asset management, and disposition with an emphasis on retail, multifamily, and industrial projects.
As Senior Vice President of the Highland Capital Real Estate Advisors team, Mr. Smith was responsible analysis, financing, due diligence, and capital sourcing. Before that, he served as Vice President of Acquisitions for HSM Equity Partners, Inc. Prior to that, Mr. Smith worked as an analyst with iCap Realty Advisors, one of the nation's foremost commercial mortgage banking firms.
Mr. Smith holds a Bachelor of Science in Commerce and Business Administration from the University of Alabama with a double major in finance and marketing and a minor in economics.
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