NEW YORK CITY-In an effort to expand its national multifamily lending presence, CWCapital has launched a new affordable housing platform to meet the needs of the growing industry, the company unveiled on Wednesday. The new platform will include the raising and investing Low Income Housing Tax Credits (LIHTC) institutional equity funds, overseeing the financing of affordable properties through Fannie Mae, Freddie Mac and FHA programs, and developing new financing products.
“It will really cover all aspects of financing affordable housing,” says Andrew Weil, who is serving as CW’s managing director of the new platform along with Justin Ginsberg based in New York City. “We are getting into a space that is very solid and has a lot of competition, but what we are trying to do is offer it from a platform that has much more to offer than single-asset financing,” he adds.
Prior to joining CW, Weil and Ginsberg worked together at Centerline Capital Group under director Peter Nichol as leaders of the firm’s affordable housing practice. Nichol is also joining CW and will serve as senior vice president and head organizations for the platform in the firm’s San Francisco office.
Weil tells GlobeSt.com that the three team members bring experience and market expertise from all parts of the country, including the Northeast, Southwest and West Coast. During their tenure at Centerline, LIHTC assets under management grew to over $10 billion, comprising one of the largest LIHTC portfolios in the country. “It made for a natural partnership,” he says.
And given strong demand both on the tax credit and lending side, Weil says that investors and developers need more options. “The reason we wanted to get into these areas is because there are really not that many companies that offer financing in those areas that can do it all and offer both of those product lines,” he says.
CW also recently launched a multifamily life company lending platform in addition to a capital markets lending platform. The firm currently has a goal to close $3 billion in loans for 2011.
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