One William Street Capital Management LP has closed a deal for Bedrock Capital Associates.
Bedrock, headquartered in New York, is a specialty finance firm that focuses on lending to the commercial real estate community. Terms of the acquisition were not disclosed. The company will operate as its own brand, and remain headed by founder Barry Gersten.
One William plans to expand Bedrock's offerings, which now include originating fix-rate commercial loans for securitization, to include transitional floating-rate loans and mezzanine financing.
The New York-based buyer is an alternative asset management firm that specializes in asset-based credit. One William has about $2.5 billion in assets under management.
In another recent lending investment, private equity firm FFL made a $64 million investment in Snap Financial Group, a consumer lender, in May. For more lender news, see "Finance Finesse: Banking on Borrowing."