Cushman & Wakefield, Reigns Capital Form Alliance to Take On Section 42 Dispositions
- Jun 19, 2008
By Anuradha Kher, Online News EditorNew York–Cushman & Wakefield and Reigns Capital Ltd. have entered into an exclusive alliance to expand their capabilities in the multifamily sector.Keith Misner, executive managing partner and head of multi-housing at Cushman & Wakefield, and Neil Silver, president of White Plains, N.Y.-based Reigns Capital, will be heading the alliance on behalf of their respective companies. The alliance will enable Cushman to offer expertise to clients in the disposition of Section 42 Low Income Housing Tax Credits. For Reigns Capital, the alliance will mean access to Cushman & Wakefield’s full-service real estate and Capital Markets platform across the United States.“We do not have offices across the country like Cushman does and this alliance offers us that broad platform,” Silver tells MHN.Instead of acquiring Reigns Capital, which Misner says would be more limiting, this alliance gives the firms a level of independence with the benefits of an acquisition.“Bringing the expertise of our two firms together enables us to offer our clients highly specialized expertise across the full scope of the multifamily investment sector. As many Section 42 properties reach the end of their compliance period, our alliance with Reigns Capital will help us meet increasing client demand for disposition services,” says Misner.Misner says Cushman hopes to see increased stability and increase in revenue in the Section 42 side of its business.Cushman & Wakefield is a New York-based privately held commercial real estate services firm and Reigns Capital specializes in tax-oriented real estate investments.