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NEW YORK CITY-CharterMac will acquire 100% of the ownership interests of the Dallas-based ARCap Investors LLC in a transaction valued at $284.5 million. The privately held, Dallas-based company manages a portfolio of over $2.8 billion of CMBS. CharterMac has owned a 10.7% economic interest in ARCap since 2000.
"This is truly a milestone for CharterMac," said Marc D. Schnitzer, CEO and president, during a conference call. "Our goal is to be the pre-eminent real estate fund manager and this moves us in that direction and will accelerate the transformation." He said this is a logical expansion of the firm's fund management platform into a new area of real estate finance with significant growth potential.
"As we go on we're less susceptible to changes in the high yield curve," Schnitzer continued. "We believe commercial real estate will follow residential and become deeply rooted in capital markets. This positions us to capitalize as commercial real estate becomes enmeshed in capital markets."
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