NEW YORK--(BUSINESS WIRE)--Berkadia, an industry leading commercial real estate company, today announced that Hugh Frater will complete his term as chairman on December 31, 2015. Frater assumed the role in April 2014, when he stepped down as chief executive officer of the company.
"I want to express my sincere gratitude to the shareholders and most of all, the outstanding employees of Berkadia who gave me the opportunity to help Berkadia grow into one of the leading real estate services companies in the nation," said Frater.
Frater will continue to serve as a board member of several companies, including chairman of VEREIT, Inc. (NYSE:VER), one of the nation's leading net lease companies. Additionally, he will continue to pursue interests in housing policy, specifically affordable rental housing, where he recently served as chair of the Mortgage Bankers Association's Affordable Rental Housing Task Force. In that capacity, he was responsible for developing a white paper about the importance of and recommendations to expand affordable rental housing.
"Hugh has been a mainstay at Berkadia since his arrival as CEO in August 2010. His vision and leadership helped transform the company into what it is today, and we can't thank him enough for his dedication and effort to establish Berkadia as a major player in the commercial real estate industry," said Justin Wheeler, CEO of Berkadia.
Berkadia, a joint venture of Berkshire Hathaway and Leucadia National Corporation, is an industry-leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia is among the largest, highest rated and most respected primary, master and special servicers in the industry.
As a Freddie Mac Program Plus(r) lender, Fannie Mae DUS(r) Multifamily Seller/Servicer, insurance company correspondent, and HUD, MAP and LEAN originator and servicer, Berkadia provides access to capital and flexible, customized lending and servicing solutions for the acquisition, construction, rehabilitation and refinance of multifamily and commercial properties. Berkadia also provides interim and short-term financing through its Proprietary Bridge Lending Program. To learn more about Berkadia, please visit www.berkadia.com.
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