Waterstone Asset Management LLC has purchased the primary and special servicing rights to a $500 million securitized portfolio of 800 commercial and industrial (C&I) loans from Berkadia Commercial Mortgage LLC.
Berkadia will act as the master servicer for the portfolio. As part of this acquisition, Waterstone will establish an office in Atlanta with the team of employees transferred from Berkadia.
Waterstone CEO John Church described the deal as one that launches the firm, itself a special servicer, into the C&I industry. The company, which positions itself as a provider of customized reporting, says it is targeting buyers of both performing and nonperforming loan portfolios.
"With billions in business and commercial real estate debt being redistributed over the next few years, Waterstone is uniquely positioned to provide custom asset management services to investors," Church says.
