Northmarq Expands Lending Platform With Morrison Street Capital Merger
Northmarq CEO Jeffrey Weidell. Aslanian Photoqraphy
Commercial real estate lender Northmarq is merging with investment management company Morrison Street Capital to expand the 62-year-old company’s national focus, Commercial Observer has learned.
The merger agreement, announced Tuesday morning, will involve renaming Morrison Street Capital as Northmarq Fund Management. Other details on the terms of the deal were not immediately available.
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“This merger serves as an important milestone as we continue to expand our national platform,” Jeffrey Weidell, CEO at Minneapolis-based Northmarq, said in a statement. “The capital in our new fund will help bridge gaps to allow our clients to close deals in this challenging market.”
The deal also coincides with Morrison Street Capital’s acquisition of NBS Real Estate Consulting, an advisory business for CRE owners and lenders. NBS Real Estate Consulting will be known as Northmarq Advisory Services when the merger is finalized.
Morrison Street Capital, which was founded in 2002 and is based in Lake Oswego, Ore., has $750 million of fund capital invested in more than 300 properties with a combined transaction value of nearly $5.4 billion when factoring in mortgage debt. It has CRE investments nationally in various property sectors including retail, multifamily, industrial, office, parking and hotel assets.
“We can better serve our clients through the greatly expanded network and nationwide resources Northmarq has to offer,” Rance Gregory, president and CEO of Morrison Street Capital, said in a statement.
The current Morrison Street Capital team will remain in Lake Oswego and operate the company’s existing investment strategies with the ability to also tap into Northmarq’s platform, the company said.
Andrew Coen can be reached at acoen@commercialobserver.com
