Union Bank To Buy $3.7B CRE Portfolio

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.