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Ohio Lender Buys Dallas' Newport Mortgage in Sunbelt Bid

DALLAS-Its expertise in agency financing is leading to a buyout of Dallas-based Newport Mortgage Co. , the second in eight months of a Southwestern lender by Cleveland's KeyCorp. The deals promise to be the first of several in KeyCorp's bid for Sunbelt lending dominance.

By Connie Gore | Updated on August 07, 2000

Its expertise in agency financing is leading to a buyout of Dallas-based Newport Mortgage Co. by Cleveland’s KeyCorp, parent of the nation’s sixth largest commercial real estate lender.

The buyout, expected to close in September, falls within months of KeyCorp’s acquisition of National Realty Funding in Kansas City, MO – deals that promise to be the first of several to establish a Sunbelt presence, a KeyCorp source told GlobeSt.com. Terms of the Newport asset purchase are not available, but are not subject to regulatory approval, according to KeyCorp.

The source says both entities’ management teams presently are hashing out details of a new corporate structuring. The upcoming changes will be announced in the next month. It is known that Newport will remain in Dallas, but will operate under the name of Key Commercial Mortgage Co., acting as a division of Key Commercial Real Estate.

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