NEW YORK – Pillar Multifamily, LLC, an affiliate of Guggenheim Partners, and George Elkins Mortgage Banking (GEMB) today announced that their correspondent lending agreement has been approved by Fannie Mae and is effective immediately.
GEMB will be the exclusive channel for Fannie Mae eligible mortgage loans originated in Southern California for Pillar. Pillar will provide GEMB with local underwriting support to facilitate transaction flow.
“As a leading player in the southern California commercial real estate market, GEMB will be an important partner for us in a key region as we continue to grow our Fannie Mae DUS® business and build out the broader Guggenheim commercial real estate platform,” said Robert Brennan, senior managing director and head of Guggenheim Commercial Real Estate Finance.
“We are honored to work with Pillar,” said GEMB principal Jeff Hudson. “As one of only a handful of Fannie Mae DUS providers, and with the significant resources of Guggenheim Partners supporting them, Pillar is able to provide us with unrivaled access to capital.”
About Guggenheim Commercial Real Estate Finance and Guggenheim Partners
Guggenheim Commercial Real Estate Finance, LLC is a national CRE lending business which sources, underwrites, funds and services commercial mortgages from six offices throughout the United States. GCREF originates a broad array of loan types for multiple capital sources including Guggenheim’s own portfolio, for our clients on a discretionary basis through managed accounts and fund arrangements, and for execution in the capital markets (securitization and syndication).
Through our affiliate, Pillar Multifamily, LLC, a Fannie Mae Delegated Underwriting and Servicing (DUS®) lender, we offer a full array of financing solutions to owners of multifamily properties. Pillar’s capabilities include small loan solutions, market-rate multifamily mortgages, and credit facilities.
Guggenheim Partners, LLC is a diversified financial services firm with more than $100 billion in assets under supervision. The firm’s businesses include investment management, investment advisory, insurance, investment banking and capital markets services. The firm is headquartered in Chicago and New York with a global network of offices throughout the United States, Europe and Asia. For more information, please visit www.guggenheimpartners.com.