CW was founded in 1972 as a regional multifamily lender and primary servicer. Implementing a national lending strategy, CW expanded its platform in 1991, and grew to offer a full range of products and services including securitization and balance sheet lending programs. Today, the lending platform is focused on multifamily and healthcare lending and continues to evolve and lead the industry in the development of innovative financing solutions and processes.
In 2002, with a goal to dramatically grow and diversify business operations, CW management partnered with the Caisse de dépôt et placement du Québec (the Caisse), who acquired a majority interest in CW. This partnership enabled the emergence of a full service real estate lender and investment manager focused on high-yielding U.S. commercial real estate debt, investments, and analysis through the creation of its investment management platform in 2003, its special servicing platform in 2005, and its research and consulting services platform in 2008.
Initially established to provide services relating to multiple high-yield commercial real estate debt products, the investment management platform has been among the industry’s most active participants in the subordinate CMBS arena and utilized its distinct knowledge to structure the highly innovative Cobalt series of CDOs. The platform has grown in recent years to include portfolio analytics and market research.
The special servicing platform was created through the Caisse’s acquisition of Allied Capital’s commercial real estate investment platform and CRIIMI MAE, a publicly traded mortgage REIT. Originally, the special servicing operation was focused on investments owned by an affiliate and managed by CW. The platform has since expanded its client base to include third parties and is now one of the largest and most highly regarded special servicers in the United States.
In recognition of the volatile real estate and economic market, CW established its consulting advisory platform in 2008 to leverage its expertise and to provide risk management and analytics, economic research and real estate market valuations to its clients.
On July 1, 2010 Fotress Investment Group LLC (NYSE:FIG) announced that affiliates of certain Fortress managed funds had entered into a definitive agreement to acquire CW. The acquisition, which is expected to close in the third quarter of 2010, is anticipated to allow CW to continue to expand its business and be opportunistic as the real estate markets evolve.