Global real estate services firm Cushman & Wakefield is entering into a strategic joint venture with Greystone, a commercial real estate finance company, for Greystone’s multifamily agency lending and servicing platform.
Cushman & Wakefield will make a strategic investment of $500 million to acquire a 40% stake in Greystone’s Agency, FHA and Servicing businesses, according to a statement by the companies.
”Greystone is a top multifamily lender, including bridge, Fannie Mae DUS®, Freddie Mac Optigo®, and HUD, giving Cushman & Wakefield’s client base more direct access to a broad range of debt products for property acquisition, refinancing or substantial rehab / new construction. In turn, Cushman & Wakefield brings a well-established network of advisory professionals in core markets across the U.S., enabling both firms, together, to offer commercial property investors a holistic, one-stop approach,”the companies said.
“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. 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,” said Andrew McDonald, Cushman & Wakefield’s Chief Executive, Americas.
“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,” he added.
This investment expands Cushman & Wakefield’s presence in the multifamily sector. In early 2020, the firm acquired Pinnacle Property Management Services, LLC, the third-largest multifamily property management firm in the U.S.
“While we are initially focused on the multifamily market, we see sizable growth opportunities ahead in serving clients with capital and services in other commercial asset classes, and I couldn’t be more excited about the potential, and what the future brings,” Rosenberg added.
The transaction is anticipated to close in Q4 2021, subject to customary closing conditions.