CWCapital acquires Sierra Capital Partners

The multifamily and healthcare lender and investment firm has bought the California-based origination shop Sierra Capital.

CWCapital, the US multifamily and healthcare lender, has acquired California origination firm Sierra Capital Partners for an undisclosed sum as it seeks to boost its West coast lending platform

Sierra Capital Partners was founded in 2003 by former Fannie Mae and Freddie Mac executives Trent Brooks and Bryan Frazier, employs 12 and is based in Irvine, California.

The deal will boost CWCapital’s total staff to 130 people across 10 cities in the US. Since 2002, CWCapital has closed on more than $10 billion of loans and currently services $11 billion in debt in 48 states. Brooks and Frazier will serve as managing director of CWCapital.

Multifamily in the US is one of the few real estate sectors where debt is more freely available, owing to the significant presence of Fannie Mae and Freddie Mac in the secondary mortgage market.

Last week, NDC Capital Partners joined forces with real estate investment firm Post Investment Group to buy a 365-unit multifamily asset in Dallas, with Post founder Jason Post saying the firms were actively looking to the West coast and Texas for multifamily opportunities.

He told PERE at the time he was surprised more investors weren't targeting the multifamily market. “There were a lot of people who bought at the height of the market in 2006 and 2007, yet they don’t want to buy now,” he said.