Cushman & Wakefield, a global real estate services firm, and Greystone, a national commercial real estate finance company, will enter into a strategic joint venture to deliver advisory services and capital solutions to existing, joint, and new clients of both firms nationwide.
Under the terms of the agreement, Cushman & Wakefield will make a strategic investment of $500 million to acquire a 40% stake in Greystone’s Agency, Federal Housing Administration, and Servicing businesses. Greystone plans to use the capital to create innovative product offerings to position itself for future expansion. The transaction is anticipated to close in the fourth quarter.
Greystone is a top multifamily lender, including bridge, Fannie Mae Delegated Underwriting and Servicing, Freddie Mac Optigo, and Department of Housing and Urban Development (HUD) financing, and will provide the Cushman & Wakefield client base with more direct access to a range of debt products for new construction, acquisition, substantial rehab, and refinancing. In turn, Cushman & Wakefield will bring a well-established network of advisory professionals in core markets to enable the firms to offer commercial real estate investors a one-stop approach.
“We’re excited to offer a new integrated capability to our investor clients with more direct access to Greystone’s balance sheet and capital solutions, including debt financing with Fannie Mae, Freddie Mac, and HUD,” said Andrew McDonald, Cushman & Wakefield’s chief executive, Americas. “Greystone’s passion and creativity in structuring deals and leveraging its balance sheet for clients are the reasons the firm stands out. This combination will demonstrate how global investors can benefit from two industry leaders providing premier investor services and a seamless, integrated client experience.”
This investment expands Cushman & Wakefield’s presence in the multifamily sector. In 2020, it acquired Pinnacle Property Management Services, the nation’s third-largest multifamily property management firm.
“Greystone’s mission has always been to provide an unparalleled client experience, and this deal truly manifests what we hope to achieve in solving for any need of a commercial property investors,” said Stephen Rosenberg, founder and CEO of Greystone. “By combining our collective powers and areas of expertise, I believe there is no reason for an investor to search anywhere else for capital and advisory solutions. I’m thrilled by the potential for growth for both Greystone and Cushman & Wakefield as we work together to deliver on our clients’ goals.”
