Boston-based CWCapital LLC, a subsidiary of CW Financial Services LLC and a full-service, national lender to the multifamily real estate industry, has acquired the servicing rights for a $2.6 billion small loan portfolio from Citibank.

The portfolio is comprised of approximately 2,200 Fannie Mae multifamily loans, with an average unpaid principal balance of $1.2 million, according to a statement.

The transaction increases CW’s loan servicing portfolio to approximately $16 billion. The firm said it will service the loans through its newly created Small Loan Servicing Group, based in Needham.

"We are pleased to complete this transaction and to enter into the multifamily small loan market," CWCapital President and CEO Michael Berman said in a statement. "We have a highly proficient staff committed to providing best in class service and I am confident our expertise in loan servicing will provide a smooth transition for the borrowers. I am equally confident that our expertise in multifamily financing will ensure the successful launch of our new small loan originations platform."