CWCapital (CW), a full-service lender to the multi-family real estate industry in the U.S., has bought servicing rights for a $2.6 billion small-loan portfolio from Citibank, the third-largest U.S bank. The portfolio includes about 2,200 Fannie Mae multi-family loans with an average unpaid principal balance of $1.2 million.
The loan servicing portfolio of Boston-based CW, a unit of CW Financial Services, will increase to nearly $16 billion as a result of the deal. Managing director and head of CW’s primary loan servicing group Gardner Hall has been given the responsibility of managing the new portfolio.
Click here for the release from Business Wire.