Cushman & Wakefield has entered into a strategic joint venture with Greystone, in which the firm will invest $500 million to purchase a 40 percent stake in the company’s agency, FHA and servicing platforms.
Under the deal announced on Wednesday morning, Greystone will use the investment to create new product offerings, while Cushman & Wakefield will offer its clients access to a range of debt products for acquisition, refinancing, rehabilitation and new construction.
These services will be offered to new, current and joint clients of both companies. The deal is scheduled to close in the fourth quarter.
Andrew McDonald, Cushman & Wakefield’s chief executive for the Americas, said in a prepared statement that the company will offer new integrated capabilities to their investor clients; they will have access to Greystone’s balance sheet and capital solutions, notably Freddie Mac, Fannie Mae and HUD debt financing.
The new venture is the latest in a series of moves by both companies to expand their footprints in the multifamily sector. Last year, Cushman & Wakefield purchased Pinnacle Property Management Services, the third-largest property management firm in the U.S. In May, Greystone formed a joint venture with MONTICELLOAM to provide real estate financing for firms operating in the senior housing and health-care sectors.