|NorthMarq to Acquire Legg Mason Unit
Deal could create country’s 3rd largest commercial mortgage banker
July 21, 2003
By MortgageDaily.com staff
|A Philadelphia commercial mortgage company will change hands later this quarter.
The unit, which engages in commercial mortgage banking and mortgage servicing, is expected to net Legg Mason a pretax gain of around $11 million, Legg Mason’s announcement said.
On its website, NorthMarq says it is a national real estate investment banker providing financing for commercial real estate, including office, retail, industrial and multifamily developments. The Minneapolis-based company, which is indirectly owned by the Pohlad family, says it produced $3.9 billion in commercial real estate financing and equity transactions during 2002 and currently services $11.9 billion in loans.
According to an announcement from NorthMarq, the acquisition will bring its annual production up to $6.5 billion and its servicing portfolio to $21 billion. NorthMarq said the deal will make it the nation’s third largest commercial real estate mortgage banker.
“This transaction gives us a true nationwide presence with stable management and a strong industry reputation,” said Edward Padilla, NorthMarq’s chief executive officer, in the announcement. “We now can offer a national platform across multiple markets and provide more options to our clients than ever before.”
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