CBRE Completes Internalization of GEMSA Loan Services, L.P.
Los Angeles, January 11, 2016 – CBRE Group, Inc. announced the launch of CBRE Loan Services–a global loan servicing business formed following the transfer to CBRE of GE Capital’s interest in GEMSA Loan Services, L.P.
Formed in 2001, GEMSA was a commercial loan-servicing joint venture between CBRE and GE Capital. Going forward, all of CBRE’s loan servicing activities will be delivered through a wholly-owned line of business within CBRE Capital Markets.
CBRE Loan Services, which manages over $120 billion of commercial real estate loan servicing worldwide, is led by Clarence Dixon, Global Head of CBRE Loan Services. With offices in Houston, London, Frankfurt, Madrid and Sydney, CBRE services loans on behalf of its clients covering more than 20 jurisdictions globally.
“At CBRE we understand the underlying real estate asset as much as we understand the loan. This combination enables us to provide our clients with truly innovative solutions to meet their complex commercial real estate finance needs. Launching CBRE Loan Services globally means our clients can receive the same high level service and consistency anywhere in the world,” said Mr. Dixon.
CBRE has serviced commercial mortgage loans since 1978 either directly or through its acquired predecessors. In the U.S. this was done through the GEMSA joint venture that became one of the largest commercial loan servicing companies in the country, servicing loans for life insurance companies, Freddie Mac, Fannie Mae, FHA, CMBS pools and pension funds. It has earned high commercial loan servicer enterprise ratings from Fitch and Standard & Poor’s.
Chris Shamaly, previously general counsel of CBRE Capital Markets, will become senior managing director leading CBRE Loan Services in the Americas. Industry veterans and long-time GEMSA managers Chris Gaas, Steve Rapp and Dave Haley will transfer to CBRE, reporting to Mr. Shamaly.
“Top quality loan servicing is a core strength of CBRE and, through the new CBRE Loan Services, we will continue to provide the high level of service that our clients expect of us, while further growing the practice in the U.S.” said Mr. Shamaly.
In Europe, Steve Harle has recently been recruited as Head of Business Strategies and Development to support the growth of the CBRE Loan Services’ European platform. The Asia Pacific arm of CBRE Loan Services is managed by Martin Priestley in Sydney.
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 2014 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 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