(Read more on the debt and equity markets.)
NEW YORK CITY-Locally based, iStar Financial Inc., a finance company focused on the commercial real estate industry, closes on its previously announced transaction with Santa Monica, CA-based, Fremont Investment & Loan, a subsidiary of Fremont General Corp. As GlobeSt.com previously reported in May, iStar will now acquire the commercial real estate lending business of Fremont in a $1.9-billion, all-cash transaction.
"The combination of Fremont's and iStar's commercial real estate organizations expands our geographic reach, almost doubles the number of our employees and creates one of the strongest construction lending and direct loan origination platforms in the industry," says Jay Sugarman, iStar's chairman and CEO.
After giving affect to the Fremont transaction, iStar has nearly $20 billion in assets under management and 350 real estate professionals in 11 regional investment offices throughout the US plus its European subsidiary based in London.
"These transactions provide a major turning point for Fremont General. The transaction with iStar allows us to exit our existing commercial real estate lending business while retaining an earning asset that provides a bridge to the development of new lending businesses," notes Louis Rampino, CEO of Fremont.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
