CBRE has taken full control of a global property debt servicing business it part-owned with GE Capital.
The decision to create the $120bn (€110bn) CBRE Loan Services firm comes after CBRE took full control of Houston-based GEMSA Loan Services.
Chris Shamaly, previously general counsel of CBRE Capital Markets, will become senior managing director in the Americas. GEMSA managers Chris Gaas, Steve Rapp and Dave Haley will transfer to CBRE, reporting to Shamaly.
In Europe, Steve Harle has been named head of business strategies and development. The Asia Pacific arm of the division is managed by Sydney-based Martin Priestley.
The firm said the partnership, formed in 2001 between CBRE’s Debt & Equity Finance division and GE Real Estate, was one of the largest commercial loan servicing companies in the US. GE Capital last year sold off the bulk of its GE Capital Real Estate arm as the firm focused on its core industrial business.
Clarence Dixon, global head of CBRE Loan Services, said the move will allow the firm to offer its clients the same levels of service regardless of location. Dixon joined the firm in 2013, having previously spent four years at Hatfield Philips.
Shamaly said the firm will look to grow its business in the US, where it has serviced loans for life insurance companies, Freddie Mac, Fannie Mae, FHA, CMBS pools and pension funds.