Needham, MA, February 2, 2009 - CW Financial Services (“CWFS”), a leading real estate finance and investment management company, announced today the resignation of its CEO, Todd Schuster. Jean Lamothe, CEO of Otéra Capital, a subsidiary of the Caisse de dépôt et placement du Québec (“CDP”) and the majority owner of CWFS, announced that Charles Spetka, President of CWCapital Investments and CWCapital Asset Management, will replace Mr. Schuster as CEO. Lamothe also announced that Otéra is purchasing Mr. Schuster’s interest in CWFS, increasing its ownership position to 81%. Concurrent with Mr. Spetka’s appointment, Michael Berman will assume the role of CEO of CWCapital, the company’s Fannie Mae DUS, Freddie Mac and FHA lending entity. Berman has served as President of CWCapital since 1991 and will report to Mr. Spetka in this new role.
Todd Schuster, founder of CWFS and CEO of the company since its inception in 1991, said, "I am extremely pleased with the returns generated for our clients and owners during my tenure as owner, manager and CEO. I am particularly pleased with the partnership with CDP and the strides we have made together since their investment in CWFS in 2002. At that time, I made a seven year commitment to lead, and developed a strategy to implement CWFS’s transformation from a modest sized mortgage banking company into a leader in the commercial and multi-family real estate finance industry. Since then, annual loan production has grown from $600 million to a peak of nearly $3 billion, the loan servicing portfolio has grown from $3 billion to $10 billion, and we launched both an investment management business which currently has $11 billion of assets under management, and a special servicing company that is named servicer on $174 billion of underlying collateral. Moreover, we have assembled the best management team in the business and positioned the company to be at the very heart of our industry’s information flow. CWFS is the leader in the industry and I am proud that in collaboration with CDP and the entire senior management team, we exceeded the goals we set for ourselves seven years ago.”
“I am confident that under the leadership of Charles Spetka, the support of Michael Berman and the rest of the management team, and the continued sponsorship of CDP, the company will continue to successfully lead and innovate within the real estate finance industry and offer significant returns for its clients.”
Charles Spetka is a 20 year industry veteran. His many accomplishments include spearheading the substantial growth of CWCapital Investments, a subsidiary of CWFS and an industry leader in the investment and management of commercial real estate high-yield debt products. Under Mr. Spetka’s guidance CWCI has gained industry attention for its unprecedented growth and innovation. In addition, Mr. Spetka led the formation of CWCapital Asset Management, CWFS’s premier special servicing and asset management company, which is currently named as special servicer for CMBS transactions backed by $174 billion of multifamily and commercial loans representing approximately 14,000 mortgage loans.
“With Todd’s vision and strategic guidance, CWFS has grown to a position of prominence in the industry,” said Mr. Spetka. “In addition to serving as CEO, Todd has been a mentor and friend. His leadership, contributions and sacrifices have been great, and we are all extremely thankful. The entire CWFS family will miss Todd and we wish him all the best in his future endeavors. I am also appreciative of the confidence Otéra has shown in my abilities to lead CWFS, and am excited by the challenge of taking this company to the next level. With the support of Michael Berman and the entire team, I am confident we will reach new heights, even in these turbulent times.”
Jean Lamothe, CEO of Otéra Capital and Chairman of the Board of CWFS stated, “Our group’s objective is to consolidate our position as an industry leader, and we feel that we have the management team to succeed, led by Charles Spetka. Our increased ownership is testimony to that commitment. We are grateful for all of Todd’s efforts in helping build CWFS into an industry leader and wish him all the best in the future.”
About CW Financial Services
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. A full service lender to the commercial and multifamily real estate industries, CWCapital offers Fannie Mae, Freddie Mac and FHA financing, and currently services approximately $10 billion of loans in 48 states. CWCapital Investments is one of the dominant investors in the CMBS B Piece market and through CWCapital Asset Management controls the special servicing and subordinate CMBS on approximately $174 billion of multifamily and commercial loans representing approximately 14,000 mortgages. CW employs approximately 300 professionals in 12 offices nationwide.