| 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.
Legg Mason, Inc. announced it would sell subsidiary Legg Mason Real Estate Services, Inc. to NorthMarq Capital, Inc. Terms of the deal, which is expected to close in September, were not disclosed. 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.” |
