Northmarq Capital to acquire AmeriSphere Multifamily Finance
MINNEAPOLIS (Feb. 3, 2015) — Northmarq Capital has signed a purchase agreement to acquire 60% of AmeriSphere Multifamily Finance, a Fannie Mae DUS and FHA MAP lender from founding partner Rodrigo Lopez and the investment firm McCarthy Capital.
Northmarq Capital previously owned a 40% stake in AmeriSphere but will now operate it as a wholly owned subsidiary. The acquisition is expected to close in 30-60 days pending agency and regulatory approvals.
AmeriSphere will be then known as Northmarq. Terms of the acquisition will not be disclosed. Northmarq will continue to operate as an originator of multifamily loans for Fannie Mae under their DUS program and for FHA, including all underwriting, closing and asset management functions. No employee reductions or changes are anticipated except at the CEO/president level.
The acquisition will allow for enhanced integration of operational support with Northmarq and its platform of 35 production offices across the country.
“Since we already had a strong partnership with AmeriSphere, this opportunity can only strengthen our platform and make our production experts more valuable to borrowers looking for multifamily acquisition financing or refinancing,” said Eduardo “Ed” Padilla, Northmarq Capital CEO. Lopez will remain with the firm following the acquisition as executive chairman. Jay Donaldson, who has been serving as AmeriSphere’s chief operating officer, will become president and Scott Suttle will remain in the role of executive vice president and national production director. Both will report to Padilla.
“Northmarq’s acquisition is the logical culmination of a very successful decade-long relationship. Because of Northmarq’s outstanding loan producers and excellent borrower clients, the AmeriSphere team will continue growing the best-performing portfolio in our industry,” said Lopez. Northmarq will continue operations out of AmeriSphere’s existing regional offices in Washington, D.C., Dallas, Denver and Omaha.