Guggenheim Commercial Real Estate Finance and Pillar Multifamily revealed plans to launch a new affordable housing division based in New York and San Francisco. Andrew Weil and Justin Ginsberg, who joined GCREF as Managing Directors, will lead the division.
Weil and Ginsberg will be responsible for building, managing and growing the platform for GCREF and Pillar. The team will report to CEO of Pillar Multifamily, Anand Gajjar. “We are fortunate to have industry veterans such as Andy and Justin help us expand our real estate finance business,” said Gajjar. “Their focus on the affordable housing sector will be immensely valuable to all of our clients including investors, developers and borrowers.”
Together, the team will oversee the financing of affordable multifamily properties through Fannie Mae, Federal Housing Administration and Guggenheim Partners’ proprietary life insurance company capital; deploy conventional equity to preserve affordable properties; and develop new financing products to assist developers and investors in the affordable housing space.
Before they joined the Pillar team, Weil and Ginsberg worked at CW Capital together, and even before that they worked together for more than 15 years at Centerline Capital Group, leading the Affordable Housing Group.
“This team’s experience in the sector, as well as their history working together, makes them ideally suited to lead our new affordable housing division,” said Robert Brennan Jr., Senior Managing Director and head of Guggenheim Commercial Real EstateFinance. “With these additions to our new division, we will now have more than 35 years of combined experience across our platform.”