One William Street Capital Management, a $2.5 billion alternative asset management firm, has completed its acquisition of specialty finance firm Bedrock Capital Associates. Terms of the transaction were not disclosed.
Founded by seasoned commercial real estate investment professionals who have worked together as a team for over 10 years, Bedrock focuses exclusively on lending solutions for the commercial real estate brokerage community and owners of commercial real estate. Bedrock serves a national client base from offices in New York and San Francisco.
Said David Sherr, managing partner of One William Street Capital, in a statement:
“Bedrock Capital Founder Barry Gersten has built a robust platform for commercial real estate lending and possesses a strong track record and extensive industry experience. We are very excited to leverage the collective capabilities of our organizations and offer a wide range of services to borrowers. Currently, Bedrock is originating fixed rate commercial loans for securitization. We look forward to expanding the product mix that Bedrock is able to deliver to its customers to include transitional floating rate loans and mezzanine financing.”
Bedrock will continue to operate under the leadership of Barry Gersten and retain its own distinct brand identity. The transaction is subject to customary closing conditions and is expected to close by the end of the month.
New York-based One William Street Capital specializes in asset-based credit.