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$285M ARCap Buy Reflects New Course for CharterMac

NEW YORK CITY-With plans to become a real estate fund manager, CharterMac acquires ARCap with its $2.8 billion-plus in CMBS.

By Barbara Jarvie | Updated on June 15, 2006

(To read more on the debt and equity markets, click here.)

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.

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