NEW YORK, July 1 (Reuters) - Fortress Investment Group LLC FIG.N on Thursday said it has agreed to acquire loan servicing and investment management company CWCapital.
Fortress said it would acquire the company, known as CW Financial Services, from majority shareholder Otera Capital, a Montreal-based lender, to build up its abilities in the recovering U.S. real estate market.
Terms of the agreement were not disclosed, but Fortress said it would expect the deal to close during the third quarter if regulators approve it.
CWCapital is the second-largest special servicer in the United States, and does significant lending with Fannie Mae FNM.N and Freddie Mac FRE.N. It has attracted attention recently as the special servicer overseeing defaulted loans on the massive Stuyvesant Town/Peter Cooper Village Manhattan apartment complexes.
As of April 30, CW was the investment manager, servicer or special servicer on a portfolio of $183.6 billion loans and securities, Fortress said.
Beekman Advisors Inc advised CWCapital on the transaction, Fortress said. (Reporting by Emily Chasan, editing by Maureen Bavdek)