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CWCapital Acquires Mezzanine Finance Group

NEEDHAM, MA-CWCapital acquires Lend Lease Corp.'s Mezzanine Finance Group and will assume responsibility for origination, underwriting and servicing of mezzanine financing while its parent company, CDP Capital-Real Estate Advisory, will oversee the investor relations and portfolio management activities.

By Naomi Grossman | Updated on January 26, 2004

NEEDHAM, MA-Locally based CWCapital, a national lender to the commercial and multifamily real estate industries, has acquired Lend Lease Corp.’s Mezzanine Finance Group and will assume responsibility for origination, underwriting and servicing of mezzanine financing. Its parent company, CDP Capital-Real Estate Advisory, will oversee, through a subsidiary yet to be named, the investor relations and portfolio management activities.

The Mezzanine Finance Group was part of Lend Lease Real Estate Investments, a division of the Australia-based Lend Lease Corp., a real estate company. The group originates and underwrites mezzanine loans on commercial real estate through its Dallas and New York offices. It also manages the LLFC Enhanced Yield Debt Fund, as well as a separate account for mezzanine loans, which specializes in higher yield financing of new construction, including condominium developments.

The LLFC Enhanced Yield Debt Fund was originally sponsored by Fleet Bank, Lend Lease Real Estate Investments, and CDP Capital-Real Estate Advisory. CWCapital, along with an affiliated company, has taken over Lend Lease’s co-general partner and management positions in the fund. CWCapital is also handling the fund’s loan servicing. The fund can invest up to $240 million in mezzanine loans nationwide and is targeting transaction level returns between 12% and 17%. Fleet Bank will continue in its co-general partner and co-manager role.

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