Fortress Investment Group has said that affiliates of certain Fortress managed funds will acquire CW Financial Services (branded as CWCapital), a provider of investment management and advisory services, from majority shareholder Otera US Holding.
CWCapital manages, invests in, originates, and advises on commercial and multifamily real estate debt products. As of April 30, 2010, CWCapital was the investment manager, servicer or special servicer for a portfolio of $183.6bn of loans and securities.
CWCapital is also a significant Fannie Mae, Freddie Mac, and FHA lender servicing over $11.5bn of multifamily and commercial loans.
Closing of the transaction is expected during the third quarter of 2010 subject to regulatory approvals and closing conditions.
Fortress said that its broad, global capabilities in real estate, credit and structured finance combined with CWCapital’s origination, servicing and special servicing expertise, will result in a unique capacity to participate in, and benefit from, the real estate market’s recovery and reconstitution.