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iStar Closes on $1.9B Fremont Portfolio

NEW YORK CITY-Locally based iStar acquires the commercial real estate lending business of Fremont in an all-cash transaction.

By Natalie Dolce | Updated on July 03, 2007

(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.

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