SAN FRANCISCO-Those who follow @GlobeStcom on Twitter and @GlobeStLIVE may have seen a post teasing the announcement, but GlobeSt.com has learned that locally based Union Bank N.A. has reached an agreement to acquire PB Capital Corp.'s institutional commercial real estate lending portfolio and platform. The acquisition expands Union Bank's CRE presence in the US.
According to a prepared statement from Union Bank, the deal “brings a high-quality commercial real estate loan origination and servicing platform, geographic and asset class diversification, a desirable real estate customer base, and a seasoned management team.” The ability to originate, underwrite and service institutional CRE loans on a national platform will drive additional business opportunities for Union Bank and BTMU in the US,” explains Union Bank president and CEO Masashi Oka, in the statement.
Headquartered in New York City, the CRE lending division of PB Capital has approximately $3.7-billion in loans outstanding on properties in major metropolitan areas across the US. The acquisition is subject to customary closing conditions, and is expected to be completed in the second quarter of 2013.
“This is an important strategic acquisition for Union Bank, as it leverages our established CRE capabilities by adding a national origination platform and strong relationships with top-tier property owners,” Oka adds. “The transaction also enables the Bank of Tokyo-Mitsubishi UFJ to efficiently leverage its strength in the Americas and deploy capital into high-quality assets, through the strong capital position and US dollar funding capabilities of Union Bank,” Oka adds. Oka is also the CEO for the Americas for BTMU.
Michael Stedman, senior EVP and head of Union Bank's real estate industries adds that “The PB Capital team brings deep experience and strong relationships with marquee property owners that will provide tremendous expansion of our capabilities. The ability to originate, underwrite and service institutional CRE loans on a national platform will drive additional business opportunities for Union Bank and BTMU in the US.”
Check back for an update on this story with an interview with Michael Stedmand, a senior EVP at the locally based bank
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
