Commercial real estate lender and investment firm Greystone purchased North Texas-based C-III Asset Management this week in a deal designed to expand the company's footprint into special servicing.

Greystone already manages a portfolio of nearly $42B in multifamily and healthcare loans and is now adding C-III Asset Management's $20.7B servicing portfolio into its mix.

C-III Asset Management's platform provides loan servicing to CMBS trusts, collateralized debt obligations, government agencies, third-party portfolio owners and other organizations affiliated with the C-III platform, according to the company's website.

Irving-based C-III Asset Management operated as a wholly owned subsidiary of New York-based C-III Capital Partners prior to the sale.

Paul Smyth, who previously served C-III Asset Management as president and joined Greystone earlier this year, has been tapped to lead Greystone's new special servicing group after the close of the sale. Prior to joining Greystone, Smyth spent time as global chief credit officer over CRE at Credit Suisse.

“I’m thrilled to be reunited with the team that leads the special servicing market and to collaborate together under Greystone’s industry-leading umbrella, which includes originating loans in excess of nearly $14B annually across a variety of platforms,”  Smyth said in a press statement. “Now, the addition of a special servicing group will complement Greystone’s new B-Piece initiative and will also give Greystone the ability to provide our clients with an added customer-focused asset management service.”