Needham, MA, October 24, 2007 - CWCapital Asset Management LLC (CWCAM) has recently been appointed special servicer on 12 commercial mortgage-backed securities (CMBS) transactions totaling approximately $36 billion. The appointment, made by a third party--ACAS CRE CDO 2007-1 Ltd (which acts at the direction of American Capital), is significant as it increases CWCAM’s total CMBS special servicing portfolio to approximately $178 billion, representing approximately 14,500 loans. This move bolsters CWCapital’s leadership position in the CMBS market, and places CWCAM as the second largest appointed special servicer.
“Over the past two years, we have dedicated significant resources to building a premier special servicing and asset management platform,” said David Iannarone, Managing Director of CWCAM. “Our integrated team of CMBS, workout and real estate professionals provides knowledge and expertise in managing portfolios to enhance investor returns.”
The third party appointment of the special servicing on these transactions highlights CWCAM’s increasing role as a premier special servicer, indicating that CWCapital’s vertical integration strategy benefits investors in tough markets. As the commercial real estate market adjusts in response to the sub-prime mortgage fallout, investors are looking for expertise and stewardship amidst the volatility. CWCapital is poised to deliver due to its vast understanding of the intricacies within the capital markets and the ability to parlay this knowledge into maximizing investor returns, while pointing them toward the most promising assets.
In late 2006, CWCAM was appointed special servicer on 23 separate CMBS transactions totaling over $36.6 billion. In March of 2006 the company announced that it had acquired the special servicing of 24 CMBS transactions via the acquisition of CRIIMI MAE Inc. by CDP Capital Financing, a subsidiary of Caisse de dépôt et placement du Québec. That portfolio was comprised of 1,800 loans totaling over $10.3 billion. In summer 2006, CWCAM announced that it had been appointed special servicer for another 22 previously issued transactions. In total, the company grew its special servicing portfolio by $77 billion and 7,600 loans in 2006. With many of the acquisitions coming from the top ranked Special Servicers, CWCAM is established as the industry’s second largest in the space.
“Our Special Servicing Group is a key component of our vertically integrated business plan,” said Charles Spetka, President of CWCAM. “The platform enables CWCapital to increase investor value and maximize returns in a challenging environment, and combined with the strength of the core management team, enhances our ability make better investment decisions for our clients.”
CWCapital Asset Management (CWCAM) currently controls the special servicing and subordinate CMBS on approximately $178 billion of multifamily and commercial loans representing approximately 14,500 mortgages. CWCAM also performs special servicing duties on mezzanine loans and B Notes, acts as special servicer for CDO issuances, and performs third party special servicing for non-affiliated subordinated CMBS purchasers. CWCI manages a diverse real estate debt portfolio with assets under management of approximately $8 billion.
A comprehensive real estate finance and investment management company, CW Financial Services (CWFS) is comprised of a vertically integrated family of companies - including CWCapital, CWCapital Investments and CWCapital Asset Management. Cadim, a Montreal-based real estate advisor and portfolio manager, holds a majority interest in CWCapital Investments and CWCapital. Cadim is a subsidiary of the Caisse de dépôt et placement du Québec, the leading institutional fund manager in Canada with more than $187 billion of assets under management. For more information, visit www.cwcapital.com.
Senior Account Executive