CWCapital has been originating, closing and servicing conduit loans for more than 10 years but this it its first time aggregating and securitizing its loans independently. "It's always been our plan to have a conduit where we would actually make the loans," Charles Spetka, president of CWCapital Investments, tells GlobeSt.com. "We want to grow and diversify into different areas of commercial real estate finance."
This past June, the company formed CWCapital Investments to purchase B Pieces on conduit loans in CMBS pools. The company says it is now positioned to purchase a B Piece investment in its own conduit loans. The conduit aggregation and securitization platform is intended to build upon CWCapital's established conduit and new investment management businesses, which the company anticipates will position it as a "vertically integrated" lender.
Spetka notes that the new platform will focus on loans originating from $1 million ranging all the way up to $100 million and in all types of commercial and multifamily properties.
"With the launch of the new platform, CWCapital will be one of the only commercial conduit lenders in the country to offer a full set of services to our borrowers and network of mortgage brokers. This means we will control the entire process, and the capital, from quote to closing to servicing through maturity," says Michael Berman, president of CWCapital.
Heyman and Restrick will be based out of CWCapital's New York office and will report to Spetka. As managing directors, they will be responsible for overseeing conduit loan structuring, loan quality, loan pricing, bond structuring, hedging and securitization.
CWCapital has 155 employees located in 12 offices nationwide; the company has closed more than $3 billion of loans across the country since 2000, and currently services nearly $5 billion of loans. The company is a subsidiary of CDP Capital-Real Estate Advisory, a Montreal-based real estate advisor and portfolio manager, and a subsidiary of the Caisse de dépôt et placement du Québec, the leading institutional fund manager in Canada with close to $100 billion of assets under management.
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