Canyon Capital Realty Advisors has hired Richard Holly as a managing director with responsibility for identifying and overseeing investment opportunities in the Midwest and mountain regions.

“We are thrilled to bring on a new member to the Canyon team with such a depth of quality investment experience in the commercial real estate markets,” Bobby Turner, managing partner.

Holly has over 18 years of real estate experience. Most recently, Holly was vice president for JMB Realty Corp. where he was responsible for identifying debt and equity opportunities nationwide for JMB Financial Advisors, an affiliate of JMB Realty Corp. Prior to this, Holly was a senior vice president and Midwest regional manager for Countrywide Capital Markets in Chicago.

Since the credit crisis emerged, Canyon has worked with a diverse group of developers, owners and operators of real estate, REITS, banks, private equity real estate funds, hedge funds and mezzanine funds to help them meet liquidity needs, complete construction, or achieve refinancing objectives.

“We have significant experience in Chicago and the Midwest and mountain areas, and see more opportunity ahead,” Turner said. “Richard will help complement our efforts by working out of the firm’s office in Chicago and by helping us deploy nearly $1.5 billion of capital we have available for real estate investments.”

Canyon Capital Realty Advisors and its affiliate Canyon Capital Advisors are registered investment advisors and money management firms based in Los Angeles, Calif., with more than $15 billion of capital under management.

Canyon’s real estate funds include the Canyon Value Mortgage Fund, the Canyon-Johnson Urban Funds, a joint venture with Earvin “Magic” Johnson focused on the development of retail and residential properties in densely populated, ethnically diverse communities, and the Canyon Value Opportunity Fund.