Cushman & Wakefield has entered into an agreement to pay $500 million for a 40 per cent stake in the rental apartment lending and loan servicing business owned by Greystone & Co. With 400 offices in 60 countries, the commerical real estate services firm has been a major player in the rental apartment brokerage business, representing sellers in more than $11 billion in deals in 2020 alone. This investment expands the firm’s presence in the multifamily sector.
“We’re excited to offer a new integrated capability to our investor clients with more direct access to Greystone’s balance sheet and capital solutions, including debt financing with Fannie Mae, Freddie Mac, and HUD,” said Cushman & Wakefield’s Chief Executive, Americas, Andrew McDonald. “Greystone’s passion and creativity in structuring deals and leveraging its balance sheet for clients are the reasons the firm stands out. This combination will demonstrate how global investors can benefit from two industry leaders providing premier investor services and a seamless, integrated client experience.”
According to the official press release, Greystone intends to use the capital to create innovative product offerings, which will position the company for future expansion. The transaction is anticipated to close in Q4 2021, subject to customary closing conditions.
“Greystone’s mission has always been to provide an unparalleled client experience, and this deal truly manifests what we hope to achieve in solving for any need of a commercial property investor,” said Stephen Rosenberg, Founder and CEO, Greystone. “By combining our collective powers and areas of expertise, I believe there is no reason for an investor to search anywhere else for capital and advisory solutions. I’m thrilled by the potential for growth for both Greystone and Cushman & Wakefield as we work together to deliver on our clients’ goals.”
In early 2020, Cushman & Wakefield acquired Pinnacle Property Management Services, LLC, the third-largest multifamily property management firm in the U.S. These investments have enabled the firm to provide a complete set of services and expertise throughout every stage of investment in multifamily assets.
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