Newport's acquisition, announced in August, is the second this year for KeyCorp, which has initiated a management reporting shuffle for the operation. Newport specializes in loan origination, underwriting, funding and servicing of multifamily real estate loans under Fannie Mae, Freddie Mac Program Plus, HUD Sections 223 (f) and 221 (d) and securitized mortgage programs. The Kansas City-based acquisition, National Realty Funding, caters to CMBS origination and loan servicing. Nearly 30 percent of Key's annual commercial real estate financings are in the multifamily sector.
The management makes John E. Case of Cleveland into the role of president for Key Commercial Mortgage. He will report directly to George Emmons, KeyCRE's executive vice president and national manager.
"The concept behind creating a national mortgage finance company is to be able to offer our clients the broadest selection of permanent lending products, which will allow them to decide what is best for them," says John E. Case, Key Commercial Mortgage's new president. A national lending structure will enable processes to be streamlined and open doors for offerings, he says.To leverage existing resources from both acquisitions, KeyCRE has consolidated areas of permanent mortgage servicing, CMBS, agency underwriting and closing. KeyCRE will maintain offices in Dallas, Baltimore, Tampa, San Diego, Atlanta and Cincinnati.
The management changes place the Cleveland-based Case into the role of president of Key Commercial Mortgage. He will report directly to George Emmons, KeyCRE's executive vice president and national manager. Jeffrey S. Juster of the Newport has been named to the new management team and will be overseeing all facets within the Fannie Mae DUS, Freddie Mac, Ginnie Mae and HUD lending programs. These functions will be centralized and managed in Dallas.
Newport's Todd Rodenberg has been named chief underwriter for all agency-lending products and Jerry Wheeler, also with Newport, is going to oversee origination of all CMBS and lead the operation's Permanent Product Specialists team, which will guide loans from underwriting through closings on retail and wholesale sides.
Kansas City, MO, will serve as a hub for all permanent mortgage servicing, with E.J. Burke leading the operation. Clay Sublett of the Kansas City team will be chief underwriter.Key Commercial Real Estate is the nation's sixth-largest commercial real estate lender with approximately $7.5 billion in annual financing. It provides construction and interim loans, equity and permanent commercial mortgages nationwide for virtually all property types.
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