Los Angeles, Calif. (February 20, 2013) – CBRE announced today that a team of industry-leading multi-housing experts has been recruited to the Beverly Hills office to represent institutional clients in the sales of large apartment properties throughout Southern California. Curtis Palmer leads a team of seven, including senior professionals Peter Sherman, Herb Chase and Ted Fentin. Mr. Palmer and the entire team join CBRE from Multi Housing Capital Advisors (MHCA), a multifamily investment advisory group founded by Mr. Palmer in 2009.
Under Mr. Palmer’s leadership, MHCA provided investment sales, debt and equity financing services on behalf of owners, developers, banks and institutions. Since 2009, MHCA sold, financed and equitized $2 billion in apartment product, including a $214 million portfolio sale on behalf of Gables and CIM, which included six Class A apartment buildings located in Washington DC, Houston, Dallas, and Los Angeles.
As part of CBRE’s Multi-Housing Group, Mr. Palmer and his team will represent clients in the sale of institutional-quality assets. They will work closely with Laurie Lustig-Bower, Executive Vice President who leads multi-housing sales in the private capital space, as well as land sales for the development of apartment buildings and condominium communities; and Brian Eisendrath, Vice Chairman of Debt & Equity Finance who handles financing for a wide range of multi-housing clients across the country. In addition, Ted Fentin will focus his activities on structured finance and construction and bridge loans as part of the team. All three groups are based in the Beverly Hills office, creating a dynamic, coordinated multi-housing platform that is able to address any client need. In addition, all three teams will continue to coordinate with CBRE’s Southwest Multi-Housing Group, led by Vice Chairman Tyler Anderson.
Peter Donovan and Brian McAuliffe, senior managing directors of CBRE’s Multi-Housing Group, issued a joint statement: “Curtis and his team have handled many of the largest multi-housing sales in the U.S., and he brings deep, long-term relationships with many of the country’s leading institutional investors. The addition of Curtis Palmer and his colleagues to CBRE will round out our leading multi-housing presence in Southern California and across the Western U.S., with a comprehensive services platform that addresses the needs of the institutional, private client and debt markets.”
Prior to co-founding MHCA, Mr. Palmer held senior positions in the services industry. During his storied career he completed over $8 billion of multifamily transactions including sales and debt and equity financing.
In addition to Mr. Palmer, senior professionals joining CBRE as part of the new team include:
Peter Sherman, was a Founder and Principal with MHCA. Over the past nine years collectively, Mr. Sherman has led or been directly involved in more than $4 billion of multifamily investment sales and debt and equity financing transactions. Prior to 2004, Mr. Sherman had successfully founded, developed and managed the growth of new businesses in media and technology, notably with NBC and Tonos Music.
Herb Chase, who co-founded MHCA with Mr. Palmer, completed over $7 billion of multifamily asset and land transactions since 2000 including sales and debt and equity financings. Mr. Chase advised multifamily pension fund advisors, developers and lenders on transactions requiring dispositions, as well as on repositioning and development.
Ted Fentin also comes from MHCA where he was a Principle for three years. He advised clients on over $1 billion of structured financings, including construction and mezzanine loans, preferred and equity investments and pre-sales. Prior to MHCA, Mr. Fentin spent seven years with DLJ Real Estate Capital Partners (Credit Suisse), where he helped lead the underwriting, due diligence and acquisition teams, and on-going asset management for approximately $350 million of equity investments, with over $1 billion of total asset value.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2012 revenue). The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com