CBRE expands loan servicing.CB Richard Ellis CB Richard Ellis Group, Inc. NYSE: CBG is a multinational real estate corporation currently based in Los Angeles, California, U.S.A.. On December 20, 2006, the corporation, also known as CBRE, completed acquisition of Trammell Crow Co. in a transaction valued at $2. Group, Inc. (NYSE NYSE See: New York Stock Exchange :CBG CBG corticosteroid-binding globulin. ) today announced the expansion of its loan servicing business to Europe, targeting portfolio lenders as well as the fast-growing European commercial mortgage backed securities (CMBS CMBS See: Commercial Mortgage Backed Securities ) market. CB Richard Ellis is a major player in the U.S. loan servicing market via its subsidiary, L.J. Melody & Co. Melody's joint venture with GE Commercial Finance Real Estate, GEMSA Loan Services LP, serviced a commercial mortgage loan portfolio of approximately $60 billion as of December 31, 2004, one of the largest in the U.S. GEMSA serves more than 90 portfolio lenders and 150 securitized pools, and has top ratings from Fitch and Standard & Poors. "Our market opportunity for loan servicing is enhanced by the growing popularity of CMBS in Europe, particularly in the United Kingdom," said Brian Stoffers, Executive Managing Director and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of L.J. Melody. "We believe now is the opportune time to extend into Europe the exceptional level of expertise we have developed in the U.S. market." European CMBS issuance has grown at a compound annual rate of 44% since 1999, according to Macquarie Capital Partners, a leading international financial services firm. Some industry estimates forecast $35 billion of CMBS issuance in Europe in 2005, up from $24 billion in 2004. |
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