Genesis Capital, LLC, a specialty commercial lending platform providing financing solutions to professional residential real estate developers, announced that it has signed a definitive agreement with an affiliate of Goldman Sachs to support the Company in its next phase of growth. Genesis is being acquired from funds managed by Oaktree Capital Management L.P. and management. Terms of the transaction were not disclosed.
The transaction will enable Genesis to continue to grow its platform, with a focus on achieving additional scale in its current market segments and introducing new products and financing solutions to a broader and national customer base. The Company’s strategy is to be the debt financing partner of choice to the nation’s top professional residential developers offering responsive, flexible and reliable service that empowers clients to seize upon opportunities and grow their businesses successfully.
“Our new partnership is a validation of the platform we have worked tirelessly to build and the strong relationships we have developed with a loyal customer base,” said Robert Wasmund, Co-Chief Executive Officer of Genesis Capital. “We look forward to working with the Goldman Sachs team in our next stage of development.”
Rayman Mathoda, Co-Chief Executive Officer of Genesis, stated, “Over the last several years, we have grown significantly and solidified our position in the market. Through our robust and differentiated platform, we are well-positioned to extend financing solutions so that our customers can capitalize on the market’s opportunities. This transaction will support that strategy by bringing further investment into the Company and allow our customers to benefit from an expanded suite of offerings designed to meet their growing needs.”
“We are delighted to partner with the Genesis management team and help them scale in a large and attractive segment of the real estate lending market,” said Anthony Arnold, Managing Director at Goldman Sachs. “We look forward to building on Genesis’ industry-leading platform and positioning the Company for continued innovation and success.”
Commenting on the announcement, Brian Laibow, Managing Director of Oaktree, said, “We have enjoyed our relationship with Genesis over the past four years and are delighted to have overseen their rapid development, including loan originations surpassing $2.5 billion. The management team has built a truly differentiated platform that should afford them continued success. We wish Genesis well under their new stewardship.”
Genesis was advised by Wells Fargo Securities. Legal counsel was provided to Genesis and Oaktree by Munger, Tolles & Olson. Goldman Sachs was advised by Goldman Sachs & Co. LLC and legal counsel was provided by Davis Polk & Wardwell and Mayer Brown LLP.