Cushman & Wakefield strengthens presence in rental housing industry.
Real estate services firm Cushman & Wakefield and Greystone, a commercial real estate finance company, are combining forces on a strategic joint venture to provide advisory services and capital solutions for clients. The transaction includes a $500 million strategic investment by Cushman & Wakefield to acquire 40% of Greystone’s Agency, FHA and Servicing operations. It’s expected to close during the fourth quarter of 2021.
The move gives Cushman & Wakefield a more direct line of debt products for its client base to include property acquisitions and refinancing. Greystone plans to use the investment on product offerings to better position the company for expansion.
“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 Andrew McDonald, Cushman & Wakefield Chief Executive, Americas, in a release.
Cushman & Wakefield continues to cement itself in the multifamily sector following the 2020 acquisition of Pinnacle Property Management Services, one of the largest property management firms in the nation.
“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,” said Greystone Founder and CEO Stephen Rosenberg in the release.