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| Press Room - 2003 |
| FOR IMMEDIATE RELEASE |
| Column Financial, Inc., a CSFB Subsidiary, Purchases Majority Stake in Agency Lending Company |
| Entity to be Named Column Guaranteed LLC |
New York, November 26, 2003 -
Column Financial, Inc. ("Column"), a subsidiary of Credit Suisse First Boston, has agreed to acquire a majority interest in Investment Property Mortgage, L.L.C. ("IPM") and the commercial mortgage banking operations of Standard Mortgage Corporation ("SMC"). IPM was a joint venture between SMC and Hibernia National Bank ("HNB") that operated as a Fannie Mae DUS™ lender. The other assets being acquired include a Freddie Mac and HUD license. IPM will be renamed Column Guaranteed LLC ("CGL") and will operate as a subsidiary of Column, the commercial real estate lending subsidiary of CSFB.
CGL will be one of a select group of mortgage companies that is a Fannie Mae DUS™ Lender, Freddie Mac Program Plus (for the states of Georgia, Louisiana and Mississippi) and HUD MAP program participant. Standard Mortgage will retain an equity interest in CGL, and Timothy Bright, former IPM President, will remain as a consultant to CGL utilizing his 22 years of commercial mortgage experience. With Column's 15 origination offices in the U.S., CGL will have a significantly expanded sales force to market these various government agency loan products.
"The addition of these new lending products will expand upon CSFB's real estate finance businesses," said Steve Kantor, Global Head of CSFB's Real Estate Group. "The acquisition provides logical synergies for Column's origination platform and will strengthen our top ranking franchise. These programs will not only enable CSFB to provide new loan products and service a wider universe of borrowers, but will also differentiate Column from other commercial mortgage conduit competitors."
Column has 15 offices throughout the country providing origination and underwriting of commercial mortgage loans. Since its inception in August 1993, Column has closed in excess of 5,300 commercial mortgage loans, with an aggregate principal balance of over US$41 billion.
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Credit Suisse First Boston (CSFB) is a leading global investment bank serving institutional, corporate, government and individual clients. CSFB's businesses include securities underwriting, sales and trading, investment banking, private equity, financial advisory services, investment research, venture capital, correspondent brokerage services and asset management. CSFB operates in 69 locations in 34 countries across five continents. The Firm is a business unit of the Zurich-based Credit Suisse Group, a leading global financial services company.
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| Victoria Harmon |
CSFB - New York |
Tel: 212-325-6914 |
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