One William Street Capital Management has acquired Bedrock Capital Associates, a finance firm focused on lending solutions for the commercial real estate brokerage community and owners of commercial real estate.
Terms of the transaction were not disclosed.
Bedrock serves a national client base from its offices in New York and San Francisco.
David Sherr, managing partner of One William Street Capital, says: “Bedrock Capital Founder Barry Gersten has built a robust platform for commercial real estate lending and possesses a strong track record and extensive industry experience. We are very excited to leverage the collective capabilities of our organisations and offer a wide range of services to borrowers. Currently, Bedrock is originating fixed rate commercial loans for securitization. We look forward to expanding the product mix that Bedrock is able to deliver to its customers to include transitional floating rate loans and mezzanine financing.”
Barry Gersten, managing principal of Bedrock, says: “We are thrilled to join One William Street Capital. With its support, Bedrock will be even better positioned to provide a range of solutions to borrowers through our network of relationships.”
Bedrock Capital Associates will continue to operate under the leadership of Gersten and retain its own distinct brand identity.
The transaction is subject to customary closing conditions and is expected to close by the end of the month.