Greystone, a commercial real estate lending, investment, and advisory company, has acquired Dallas-based C-III Asset Management LLC (C3AM), one of the largest CMBS Special Servicers in the United States, and its $20.7 billion servicing portfolio.
C-III Asset Management was previously a wholly-owned subsidiary of New York-based C-III Capital Partners LLC.
The new special servicing group at Greystone will be led by Paul Smyth, who joined Greystone earlier this year, and has previously served as President of C3AM in a prior role before taking the Global Chief Credit Officer, CRE position at Credit Suisse in New York for several years.
Paul Smyth will leverage three decades of industry expertise to grow special servicing as part of Greystone’s wide range of existing commercial real estate finance solutions.
“Adding special servicing to our already vast commercial real estate finance expertise is very exciting,” said Stephen Rosenberg, CEO and founder of Greystone.
“The C3AM team brings some of the brightest minds and greatest talents in this industry to Greystone, and, under the leadership of Paul, we look forward to working with new clients, lenders, and other participants in the special servicing market,” he added.
“I’m thrilled to be reunited with the team that leads the special servicing market and to collaborate together under Greystone’s industry-leading umbrella, which includes originating loans in excess of nearly $14 billion annually across a variety of platforms,” said Paul Smyth Smyth. “Now, the addition of a special servicing group will complement Greystone’s new B-Piece initiative and will also give Greystone the ability to provide our clients with an added customer-focused asset management service.”