Andrew Farkas Updates

C-III Capital Partners Sells Houston Apartment Complex

A division of C-III Capital Partners, C-III Realty Services, sold a Houston apartment complex named The Mills. It’s located on 24 acres at 10225 Bissonnet Street in Harris County. The Mills was built in 1977 and is comprised of 708 apartments. There’s a mix of 288 two-bedroom and 420 one-bedroom units. The average apartment size is 867 square feet within the 613,680-square-foot community. Transwestern represented the seller and the price was undisclosed.

Andrew Farkas serves as CEO and Chairman of C-III Capital Partners, which provides innovative real estate equity and debt solutions. C-III Capital’s headquarters are located in Irving, Texas, but it also has offices in New York, South Carolina, Illinois, Virginia, New Jersey, California and Tennessee. Island Capital Group is the controlling parent of C-III Capital Partners. Andrew Farkas is the CEO, Chairman and Managing Member of Island Capital Group.

Andrew Farkas Named in Top 50 Most Important People in Commercial Real Estate Finance

The Commercial Observer recently released a list of the top 50 most important people in commercial real estate finance. Andrew Farkas, CEO of C-III Capital Partners, was named seventh on this list. Concentrating on the New York tristate region, The Observer spoke to a variety of people in the industry, focused on banks that are most active, and reached out to lists of top producers. Many of the top professionals listed are lenders, who ultimately make the deal happen.

Last year in January, Andrew Farkas and C-III Capital Partners completed its acquisition of NAI Global. Acquiring NAI Global provided C-III access to 5,000 real estate professionals. Now C-III manages $2 billion of invested capital through four debt funds.

C-III Capital Partners, a controlled affiliate of Island Capital Group, provides innovative real estate equity and debt solutions. Andrew Farkas also serves as CEO, Chairman and Managing Member of Island Capital Group.

NAI Global Appoints Jay Olshonsky as President

Jay Olshonsky was recently appointed President of NAI Global where he’ll replace Jeffrey Finn, who will serve as an advisor throughout the transition period. Mr. Olshonsky will report to the Senior Managing Director of C-III Capital Partners, Geoff Woodward. C-III Capital Partners, where Andrew Farkas is CEO, is the parent company of NAI Global.

“I am very pleased to have the opportunity to take the baton from Jeff and continue to develop and implement the next phase of NAI Global’s growth strategy,” said Mr. Olshonsky. “Our employees and network members are NAI Global’s most precious assets and they have been the cornerstone of our company’s long-term success. I am confident that together we will continue to enhance and expand NAI Global’s platform and extend our leadership position in the industry.”

Prior to this appointment, Mr. Olshonsky served as Executive Vice President and Chief Operating Officer of NAI Global, New York City. Mr. Olshonsky was a Managing Director at CB Richard Ellis for 15 years before he joined NAI Global in 2010. He ran the DC office for CB Richard Ellis, which had over 200 employees, $100 million in revenue and P&L responsibility for 75 commissioned brokers. He has served as President of the Greater Washington DC Commercial Association of Realtors and the Washington DC Association of Realtors. Furthermore, he was previously the Chairman of the National Association of Realtors Commercial Alliance.

Andrew Farkas Named NYC Real Estate Icon

Real Estate Forum magazine named Andrew Farkas a real estate icon who has helped shape the landscape of the industry in New York City. Not only is Farkas involved in the biggest CRE market in the United States, but also makes civic-minded activity a priority.

Andrew Farkas’ goal is to create “a fully diversified commercial real estate services company”. He previously did this with Insignia Financial Group, which he founded in 1990. By 1998, Insignia had become the largest owner and operator of multifamily real estate and among the largest owners and operators of commercial space in the United States. The portfolio had a gross capitalization in excess of $10 billion. By 2003, Insignia merged with CBRE and became one of the world’s three largest CRE service firms with a dominant presence in the United States, Asia, Europe, the UK, and South America.

Immediately after the merger, Farkas founded Island Capital Group (ICG), a leading international real estate merchant bank. ICG is the controlling parent of C-III Capital Partners, which is involved in a broad range of activities, including primary and special loan servicing, fund management, loan origination and principal investment. Earlier this year, C-III and Andrew Farkas acquired NAI Global, a brokerage firm.

Andrew Farkas: The Sequel

Andrew Farkas is busy creating the sequel of Insignia Financial Group.  In 2010, Farkas bought the special servicing arm of Centerline.  Last August, C-III Capital Partners purchased another special servicer, JER Partners.  Earlier this year, C-III completed the acquisition of NAI Global, which has 350 offices in the United States and 55 countries.

“I am simply replicating a strategy that I deployed with Insignia,” Andrew Farkas told The Real Deal in an interview. “The good news being, I don’t have to learn anything new.”

C-III Capital Partners offers innovative real estate equity and debt solutions.  It’s involved in a wide range of real estate activities, including fund management, loan origination, primary and special loan servicing, and principal investment.  Although it’s headquartered in Irving, Texas it also has offices in Greenville, South Carolina; New York, New York; McLean, Virginia; Nashville, Tennessee; Dallas, Texas; and Chicago, Illinois.  Island Capital Group, a leading international merchant banking firm, is the controlling parent of C-III.