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NEEDHAM, MA-CWCapital, a locally based real estate lender, was purchased by a group led by its management and Cadim, a real estate advisor and investment member of CDP Capital, Canada’s largest asset manager.

Andre Collin, president of Cadim, explains that the relationship provides his company with a “well managed, US multifamily and commercial real estate lender with strong senior management, a solid reputation, national reach, well-established infrastructure, and a large mortgage-servicing base. CWCapital represents an ideal vehicle in the U.S. real estate debt markets for our institutional asset and fund management strategy.” He adds that Cadim is “especially excited” about CWCapital plans to develop a series of managed funds, which will provide investors with opportunities to invest in higher yielding assets.

Michael Berman, president of CWCapital, adds that for his company the alliance provides an opportunity to grow “through the expansion of existing offices, the opening of new offices and the strategic acquisition of mortgage banking and other lending companies.” He says that CWCapital expects to triple the company’s annual production volume as well as its servicing portfolio.

CWCapital says it plans to enhance its growth opportunities by using CDP Capital’s support to add new lending products and to add master servicing and special servicing capabilities for Commercial Mortgage Backed Securities. Its current expansion plans focus on Southern California, Texas, the Mid-Atlantic and Mid-West. The company’s lending activities are currently focused on three products: HUD, which is multi-family and seniors housing; Fannie Mae DUS, which is multi-family housing of all kinds; and, commercial conduit, which includes office, retail, industrial, self-storage and hotel products.

Todd Schuster, CEO of CWCapital emphasizes that the deal will enable his company’s experience in lending, loan servicing and asset management to merge with Cadim’s capital and real estate investment philosophy. The arrangement, he says, emerges from Cadim’s “trust in our expertise in US markets, certainty that there will be continuity of management as well as the knowledge that our philosophy and business interests are perfectly aligned.”

Cadim is active in real estate-related investment banking and fund management and generally operates with strategic partners. The company invests in a wide range of debt and equity products on public and private markets, with a focus on opportunity products and all types of properties. Assets under management, diversified in the Americas, Europe and Asia, total over $3.3 billion.

CDP Capital has over $83.3 billion in total assets under management and oversees the activities of CDP Capital-World Markets, CDP Capital – Private Equity and CDP Capital-Real Estate Group, which is the world’s fifth-largest asset manager in real estate ownership.

CWCapital, which incurred no debt in the transaction, closed over $2.5 billion of commercial and multifamily loans in the past five years, with $1 billion of loans under application and estimates closing over $800 million of loans in 2002. CWCapital services nearly $4.5 billion of multifamily and commercial real estate loans in 46 states. In addition to its headquarters here, it has nine offices nationwide.

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