Deutsche Bank and WilmerHale client, Berkshire Mortgage Finance Limited Partnership (“Berkshire Mortgage”), a subsidiary of the Boston-based Berkshire Group (“Berkshire”) today announced they have signed a definitive agreement whereby Deutsche Bank will acquire substantially all of Berkshire Mortgage’s origination and servicing assets.
Berkshire Mortgage is one of the largest privately held commercial mortgage lenders in the US, specializing in financing for multifamily real estate. The firm is a leading originator of government-sponsored enterprise (GSE) and government-insured multifamily loans with US$3.5 billion of origination volume in 2003. With a mortgage-servicing portfolio in excess of $18 billion, Berkshire Mortgage has significant scale and is a top tier servicer of multifamily mortgages in the U.S.
Upon closing, Berkshire Mortgage will become a part of Deutsche Bank’s global Real Estate Debt Markets group within the Bank’s Global Corporate Finance business. Deutsche Bank is a market leader in the commercial real estate debt market, with expertise in originating, financing, structuring, securitizing and trading commercial real estate debt. Berkshire Mortgage will advance Deutsche Bank’s existing capital market presence in all of these areas.
The acquisition is expected to become final by the end of 2004. No financial terms were disclosed. Click here to read more about the acquisition.