Merger between Enterprise and Bellwether confirmed
Bellwether is to merge with Enterprise's Multifamily Mortgage Finance business.
Bellwether could need merger and acquisition advisors, as it has been confirmed it is combining with Enterprise's Multifamily Mortgage Finance company.
This deal should extend the reach of both organisations and enhance their ability to serve US commercial property borrowers and multifamily groups with a wider range of products.
When the firms join together, they will be known as Bellwether Enterprise Real Estate Capital and should have a mortgage production volume of over $1.5 billion (£945 million) during 2012.
The new business will have originators in 13 cities across the country, with its headquarters in Cleveland.
Senior vice-president of Enterprise's Multifamily Mortgage Finance division Lamar Seats will be appointed as chief executive officer of Bellwether Enterprise, while Bellwether's Ned Huffman will be president of the group.
"Through this merger and with planned strategic growth initiatives, we expect to build Bellwether Enterprise's annual production volume to over $3 billion," Mr Huffman said.
Mr Seats told the Commercial Observer that the new organisation will target affordable and low-income accommodation.
Posted by Ron Maverick
Source: Joint press release, March 21st