Apartment Finance Today -
[Cached Version]
Published on: 1/1/2006
Last Visited: 9/15/2006
, Boyd Fellows, Managing Director, Countrywide Commercial Real Estate Finance
Countrywide Commercial Corp., a behemoth in the single-family mortgage world, launched Countrywide Commercial Real Estate Finance (Countrywide Commercial) in 2004, doing its first loan at the end of that year.To run the new company and give it some instant industry credibility, four executives from Coastal Capital Partners were drafted: Boyd Fellows, Warren de Haan, Chris Tokarski, and Stewart Ward.
...
That total includes loans for other commercial property types besides multifamily, but Fellows said he expects the multifamily portion of the business to grow by 50 percent a year for a couple years.Countrywide Commercial,s executives pledge to keep growing until Countrywide Commercial is a dominant player in the multifamily industry, just like Countrywide is in single-family lending."It may take 10 years, but that,s the goal,, said Fellows.
Each of the company,s offices in Atlanta, Chicago, Dallas, Los Angeles, Miami, New York, and San Francisco operates independently, with its own underwriters, closing specialists, and other staff. ,When we have our bankers and the local credit guy go out and stand on the property and [determine] that we,re going to lend you X-dollars for X-term, that,s better than someone in an office building in New York who tries to beat that by a basis point to win the deal,, said Fellows.