NorthMarq acquires New England Realty Resources in Boston
Four-person production team to
integrate with existing NorthMarq office
MINNEAPOLIS (Jan. 9, 2012) — Minneapolis-based NorthMarq
Capital, LLC., one of the nation’s largest commercial real estate mortgage
banking firms, has acquired New England Realty Resources of Boston,
Massachusetts. NERR is a 30-year-old mortgage firm specializing in the
origination and servicing of commercial mortgage investments. Joining
NorthMarq from NERR are four industry veterans, including the firm’s founder
Jim Murphy, who will be the Boston office’s managing director. The
acquisition is expected to significantly increase the production from that
office.
“We’ve been looking for a partnership to help us grow our business in
Boston,” said
Ed Padilla, CEO of NorthMarq. “This team has the personality,
professionalism and experience to fit well with our company and our existing
lenders and borrowers.”
The new team also includes Ed Riekstins, who served as president and COO
of NERR, Senior Vice President John Sullivan and Assistant Vice President
Michael Chase. They join the existing NorthMarq Boston team, led by
Joseph Hegenbart, who continues as managing director, creating a team of
eight.
“Ed and I are excited to join a NorthMarq team that enjoys such a fine
reputation for integrity and professionalism. The existing Boston team
brings new relationships with life insurance company correspondents, along
with Freddie Mac, FHA and the Fannie Mae DUS programs that will help us
increase production and raise our profile significantly in the Boston
market,” said Jim.
NERR brings its $322 million loan servicing portfolio to NorthMarq
representing more than a dozen a dozen major life insurance companies.
Jim Murphy is well known in the real estate industry nationally and
locally. He is the former Chairman of the Mortgage Bankers Association of
America and its Board of Directors and a former member of Fannie Mae's
National Advisory Council. In Boston, he served as a member of the Mayor of
Boston's Housing Finance Blue Ribbon Panel and as a past Director of the
Massachusetts Chapter of the National Association of Office and Industrial
Properties (NAIOP).
About NorthMarq
NorthMarq Capital, the largest privately held commercial real
estate financial intermediary in the U.S, provides mortgage banking and
commercial loan servicing in 33 offices across the U.S. With an average of
$9 billion in annual production volume and servicing a loan portfolio in
excess of nearly $40 billion, the company offers expertise to borrowers of
all size. The company has a long track record of multi-family financing as a
Freddie Mac Program Plus™ Seller-Servicer, and through its affiliation with
Fannie Mae DUS lender AmeriSphere Multifamily Finance. In addition,
NorthMarq has long relationships with over 50 life companies, many CMBS
platforms and hundreds of local, regional and national banks. For more
information, please visit
www.northmarq.com.
Contact:
Martha Nevanen
952.893.7539
martha.nevanen@marquettere.com
David Dozier
The Dozier Company
214.744.28007