JER Partners commercial servicing business is Farkas’ latest acquisition

New York /
Aug.August 30, 2011 12:30 PM

Andrew Farkas’ C-III Capital Management acquired the commercial real estate special servicing and collateralized debt obligation management business of JER Partners for an undisclosed amount, the company announced today. JER is the named special servicer for $35.5 billion of commercial real estate loans, of which $4 billion is under active management. In May the firm sold the defaulted loan on Kent Swig’s 80 Broad Street to Savanna Investments for about $66 million (note: correction appended).

C-III will take control of all of JER’s assets, and will merge its servicing portfolio employees into its asset management division. The firm has been on a bit of a buying spree in the last 18 months, acquiring both Centerline Capital Group’s commercial loan servicing business in March 2010 and commercial services firm NAI Global in June 2011. As previously reported, Farkas is one of several high-profile firms that is strategically purchasing loan servicers to profit off of underwater boom-year loans.

“This acquisition strengthens C-III’s position as one of the top three special servicers in the country and advances our growth strategy,” Farkas, the firm’s chairman and CEO, said in a statement. “Special servicing is a key foundation of our strategy to create a fully diversified commercial real estate company.”
— Adam Fusfeld


Related Articles

arrow_forward_ios
Clockwise from left: Henry Silverman of Athos Capital Partners, William P Lauder of the Estée Lauder Companies, Andrew Farkas of Island Capital, Jeff Blau of Related Companies and Andrea Olshan of Seritage Growth Properties (Getty)
Island Capital’s Andrew Farkas launches $250M SPAC
Island Capital’s Andrew Farkas launches $250M SPAC
Jeffrey Epstein’s secret deal with Andrew Farkas, Rudin family to sell FiDi office tower: Daily digest
Jeffrey Epstein’s secret deal with Andrew Farkas, Rudin family to sell FiDi office tower: Daily digest
Jeffrey Epstein’s secret deal with Andrew Farkas, Rudin family to sell FiDi office tower: Daily digest
This is how real estate’s superrich are spending their money
This is how real estate’s superrich are spending their money
This is how real estate’s superrich are spending their money
Invesco lands $102M for 80 Broad St.
Invesco lands $102M for 80 Broad St.
Invesco lands $102M for 80 Broad St.
Invesco buys 80 Broad Street in $235M deal
Invesco buys 80 Broad Street in $235M deal
Invesco buys 80 Broad Street in $235M deal
Qatar is so filthy rich that even its servants have a $41M mansion
Qatar is so filthy rich that even its servants have a $41M mansion
Qatar is so filthy rich that even its servants have a $41M mansion
Andrew Farkas notches $18M profit on UES townhouse
Andrew Farkas notches $18M profit on UES townhouse
Andrew Farkas notches $18M profit on UES townhouse
30 contracts signed at $4M and above last week: Olshan
30 contracts signed at $4M and above last week: Olshan
30 contracts signed at $4M and above last week: Olshan
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...