Cushman & Wakefield plc (CWK) announces joint venture with leading Greystone multi-family lending and agency services platform
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Cushman and Wakefield (NYSE: CWK), one of the world’s leading real estate services companies, and Gray stone, a leading national commercial real estate finance company, announces that it will enter into a strategic joint venture to provide leading advisory services and capital solutions to existing, joint and new clients of both companies across national. Under the terms of the agreement, Cushman & Wakefield will make a strategic investment of $ 500 million to acquire a 40% stake in the businesses of Greystone’s Agency, FHA and Servicing. Greystone intends to use the capital to create innovative product offerings that will position the company for future expansion. The transaction is expected to close in the fourth quarter of 2021, subject to customary closing conditions.
Greystone is a leading multi-family lender, including Bridge, Fannie Mae DUS®, Freddie Mac Optigo® and HUD, giving Cushman & Wakefield customers more direct access to a wide range of debt products for acquisition of properties, refinancing or substantial rehabilitation / new construction. In turn, Cushman & Wakefield brings a well-established network of consulting professionals to major US markets, enabling the two companies together to offer commercial real estate investors a holistic and unique approach.
Andrew McDonald, Managing Director of Cushman & Wakefield for the Americas, said: “We are delighted to offer a new integrated capability to our investor clients with more direct access to Greystone’s balance sheet and capital solutions, including financing. by loan with Fannie Mae, Freddie Mac, and HUD. Greystone’s passion and creativity in structuring transactions and optimizing 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 top investor services and a seamless and integrated customer experience. “
“Greystone’s mission has always been to provide an unparalleled customer experience, and this agreement truly demonstrates what we hope to achieve by meeting any need for a commercial real estate investor,” said Stephen Rosenberg, Founder and CEO of Greystone. “By combining our collective skills and areas of expertise, I think there is no reason for an investor to look elsewhere for capital and advisory solutions. I am excited about the growth potential of Greystone and Cushman & Wakefield as we work together to achieve our clients’ goals.
This investment expands Cushman & Wakefield’s presence in the multi-family sector. In early 2020, the company acquired Pinnacle Property Management Services, LLC, the third largest multi-family property management company in the United States. These investments allow Cushman & Wakefield to provide a full set of services and expertise at every stage of investing in multi-family assets.
“As we initially focus on the multi-family market, we see tremendous growth opportunities to come by serving clients with capital and services in other business asset classes, and I couldn’t be more excited by the potential and what the future holds, ”Rosenberg added.