BOSTON-Minneapolis-based NorthMarq Capital LLC, a national commercial real estate mortgage banking firm, has acquired New England Realty Resources in Boston, GlobeSt.com has learned exclusively. NERR, a 30-year-old mortgage firm specializing in the origination and servicing of commercial mortgage investments, will be integrated into NorthMarq’s existing Boston office.
Joining NorthMarq from NERR are four industry veterans, including the firm’s founder Jim Murphy, who will be the Boston office’s managing director. The acquisition is expected to significantly increase production in the Massachusetts and Northern New England-area, the company tells GlobeSt.com.
“It definitely raises our profile in the multifamily arena dramatically,” Murphy tells GlobeSt.com. “In the past, we had to go through an intermediary if we wanted to do an apartment financing, and now we the ability to deal with those financings directly.”
NERR brings its $322 million loan servicing portfolio to NorthMarq representing more than a dozen major life insurance companies. Murphy says NorthMarq will focus its attention on multifamily markets in downtown Boston as well as outside of the city’s CBD, including suburban Massachusetts, New Hampshire, Vermont and Maine.
The new team includes Ed Riekstins, who served as president and COO of NERR, senior vice president John Sullivan and assistant vice president Michael Chase. They join the existing NorthMarq Boston team, led by Joseph Hegenbart, who continues as managing director, totaling a team of eight. “They are going to help us increase production with our existing life insurance clients,” Murphy says.
William Ross, president at NorthMarq, tells GlobeSt.com that the acquisition and new team will help increase the company's presence in New England as a whole. "Boston is a market that we have targeted along with Philadelphia as markets that we clearly want to look at hard," Ross says. "We are hoping to use [NERR] as a springboard to propel the company into a stronger multifamily origination firm."
Ed Padilla, CEO of NorthMarq, adds: “We’ve been looking for a partnership to help us grow our business in Boston. This team has the personality, professionalism and experience to fit well with our company and our existing lenders and borrowers.”
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
