Business
FirstService Announces Acquisition and Further Expands Commercial Real Estate Offerings
FirstService Announces Acquisition and Further Expands Commercial Real Estate Offerings.
About this update from Firstservice Corp
[{"type":"text","content":"\n\n\n\n\nAcquires North America's 5th largest Mortgage Banking and Loan \nAdministration Leader, Cohen Financial\n\nTORONTO, June 8 /CNW/ - FirstService Corporation (NASDAQ: FSRV; TSX: FSV)\ntoday announced that it has expanded its Commercial Real Estate Services\nplatform by acquiring a majority interest in mortgage banking and loan\nadministration leader, Cohen Financial. Jack Cohen, Chief Executive Officer,\nand his senior management team will retain the balance of the equity. The\nterms of the transaction were not disclosed.\nFounded in 1978 and based in Chicago, Illinois, Cohen Financial is the\n5th largest originator of commercial real estate loans in the United States,\nproviding commercial mortgage banking, loan administration and advisory\nservices to both users and providers of capital. Cohen Financial originated\nmore than $5 billion in commercial real estate loans in 2005 and administers a\n$5 billion commercial loan portfolio. Cohen Financial has 10 offices across\nthe United States.\n\"The addition of Cohen Financial is another important step in our\nstrategy to provide a full suite of services to our clients in commercial real\nestate,\" said Doug Frye, President and CEO of Colliers Macaulay Nicolls\n(\"Colliers CMN\") and Chairman of Colliers International. \"Cohen Financial's\nstrong reputation and commercial mortgage and real estate investment banking\nexpertise represent a tremendous addition to our growing commercial real\nestate operations and another opportunity to leverage our extensive broker\nnetwork while offering a broader portfolio of services and knowledge to our\nclients.\"\n\"FirstService is the perfect partner for Cohen Financial,\" said Jack\nCohen, Chief Executive Officer of Cohen Financial. \"With FirstService's\nenviable track record of success, investment grade status and significant\ninvestment in Colliers International, we are confident Cohen Financial will\naccelerate its growth, both internally and through acquisition, while\nmaintaining its distinctive entrepreneurial culture. This partnership is a \nwin-win for everyone involved.\"\n\"Today's acquisition represents a further investment in FirstService's\ngrowing global real estate services platform as well as an important strategic\nbusiness initiative,\" said Jay Hennick, Founder and Chief Executive Officer of\nFirstService. \"Partner...