Guggenheim Partners LLC, a New York investment firm, has formed a commercial property lender called Pillar Multifamily LLC that has acquired certain assets of Bulls Capital Partners LLC, a lender in Vienna, Va.
Bulls was a Fannie Mae-delegated underwriting and servicing multifamily lender. Pillar has also retained many members of the Bulls team. Mark Van Kirk, Bulls Capital's chief operating officer, and Robert Russell, chief production officer, will remain on board. Anand Gajjar, a senior managing director at Guggenheim, will be Pillar's interim chief executive officer.
"The Fannie Mae DUS program is the preeminent source of capital for the affordable and market rate multifamily industry," Robert Brennan, head of the commercial real estate finance group at Guggenheim's securities arm, said in a press release Wednesday. "The formation of Pillar Multifamily is a major component of the build-out of Guggenheim's commercial real estate finance platform."