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Completed Acquisition of Newport Mortgage Triggers Management Shuffle for KeyCorp

DALLAS-Newport Mortgage Co., based here, is now the property of KeyCorp, a Cleveland-based commercial lender seeking to develop a nationwide mortgage finance company under the banner of Key Commercial Mortgage. A management shuffle is under way.

By Connie Gore | Updated on October 05, 2000

DALLAS-Newport Mortgage Co., based here, is now the property of KeyCorp, a Cleveland-based commercial lender seeking to develop a nationwide mortgage finance company under the banner of Key Commercial Mortgage.

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.

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