Cadim Acquires Major Stake in CWCapital; Strategic Partnership Formed to Expand Real Estate Lending Platform.Business Editors NEEDHAM, Mass.--(BUSINESS WIRE)--Sept. 23, 2002 CWCapital (formerly known as Continental Wingate Capital), a major U.S.-based real estate lender, announced today that it has been purchased by a group led by its management and Cadim, a real estate advisor and investment member of CDP CDP (cytidine diphosphate): see cytosine. (1) (Certificate in Data Processing) An earlier award for the successful completion of an examination in hardware, software, systems analysis, programming, management and accounting, Capital, Canada's largest asset manager with more than US$83 billion of assets on five continents. The announcement was made jointly by Todd Schuster, Chief Executive Officer of CWCapital, and Andre Collin, President of Cadim. "This relationship will create many synergies," explained Andre Collin. It provides for us a well managed, U.S. multifamily and commercial real estate lender with strong senior management, a solid reputation, national reach, well established infrastructure, and a large mortgage-servicing base. In sum, CWCapital represents an ideal vehicle in the U.S. real estate debt markets for our institutional asset and fund management strategy. "We are especially excited about CWCapital plans to create a series of managed funds, which will provide investors with opportunities to invest in higher yielding assets." "This alliance provides CWCapital with the opportunity to grow our business through the expansion of existing offices, the opening of new offices and the strategic acquisition of mortgage banking and other lending companies," said Michael Berman Michael Berman may refer to:
CWCapital plans to enhance its growth opportunities by using CDP Capital's support to add new lending products - such as B piece funds, bridge loans and mezzanine loans. At the same time, CWCapital will add master servicing and special servicing capabilities for Commercial Mortgage Backed Securities (CMBS CMBS See: Commercial Mortgage Backed Securities ). Current expansion plans focus on Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, , Texas, the Mid-Atlantic and Mid-West. The company's lending activities are currently focused on three products: HUD Hud (h  d), a pre-Qur'anic prophet of Islam. Hud unsuccessfully exhorted his South Arabian people, the Ad, to worship the One God. (multi-family and seniors housing), Fannie Mae Fannie Mae: see Federal National Mortgage Association. DUS DUS Driving Under Suspension (criminal charge)DUS Dwelling Unit (real estate) DUS Dynamic Underground Stripping DUS Dusseldorf, Germany - Dusseldorf (Airport Code) (multi-family housing of all kinds - affordable, seniors, student, manufactured) and commercial conduit (office, retail, industrial, self-storage and hotel). "This arrangement emerges from Cadim's trust in our expertise in U.S. markets, certainty that there will be continuity of management as well as the knowledge that our philosophy and business interests are perfectly aligned. Cadim's capital and real estate investment philosophy will be merged with CWCapital's longstanding experience in lending, loan servicing Loan servicing is the process by which a mortgage bank or subservicing firm collects the timely payment of interest and principal from borrowers. The level of service varies depending on the type loan and the terms negotiated between the firm and the investor seeking their services. and asset management," said Schuster. "We are confident that this alliance will propel us to the very top of real estate lenders in the country," said CWCapital's CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Schuster. Cadim, a member of CDP Capital, is active in real estate-related investment banking and fund management. Generally operating with strategic partners, the Company invests in a wide range of debt and equity products on public and private markets, with a focus on opportunity products and all types of properties. Assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. , diversified in the Americas, Europe and Asia, total over CA$5.2 billion (US$3.3 billion). For more information: www.cdpcapital.com/cadim/eng CDP Capital has more than CA$133 billion (US$83.3 billion) in total assets under management and oversees the activities of CDP Capital - World Markets, CDP Capital - Private Equity and CDP Capital - Real Estate Group, which is the world's fifth largest asset manager in real estate ownership. With its experienced managers in global markets, CDP Capital provides CDP and other clients in Canada and around the world with the most comprehensive range of products and fund management services. For more information: www.cdpcapital.com. CWCapital, which incurred no debt in the transaction, has been in business as a lender since 1971. Its loan officers work with mortgage brokers and borrowers throughout the U.S. It has closed over $2.5 billion of commercial and multifamily loans Multifamily loans Loans usually represented by conventional mortgages on multi-family rental apartments. in the past five years, with $1 billion of loans under application and estimates closing over $800 million of loans in 2002. CWCapital services nearly $4.5 billion of multifamily and commercial real estate loans in 46 states. It is headquartered in Needham, MA with nine offices nationwide. For more information: www.cwcapital.com. |
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