Island Capital Group has acquired Centerline Holding, one of the country’s biggest commercial mortgage servicers. Island Capital, headed by Andrew Farkas, reportedly is injecting $100 million in new equity and assuming some $180 million of Centerline’s debt and restructured the company into two parts—servicing and debt-fund management businesses, which Island Capital will fully own, and a second agency-lending and affordable-housing business, of which Island gets 40% ownership.
Click here to read the story from the Wall Street Journal.