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Why Legacy's Now SteelWave

Legacy Partners Commercial, aka the commercial division of Legacy Partners, just rebranded as SteelWave. The name's got nothing to do with the fact Legacy Partners Commercial CEO (and now SteelWave CEO) Barry DiRaimondo clearly likes the water. Legacy Partners Commercial and its sister company, Legacy Partners Residential, operated as separate and distinct companies but shared a common investor, Preston Butcher, who owned a controlling interest in both entities. Last year, the SteelWave senior management team reorganized the Legacy Partners Commercial ownership structure with Preston's ownership position now a minority non-managing membership interest and with new equity investment provided by NY REIT NorthStar Realty Finance.