Marcus & Millichap, Inc., a national brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services, recently entered into a definitive agreement to acquire the assets of Pinnacle Financial Group, Inc., a commercial real estate mortgage brokerage and servicing firm based in Cleveland, Ohio.
Pinnacle was formed in 1990 and is currently one of the largest independently owned financing companies in the Midwest. The acquisition is scheduled to close by the end of the second quarter.
“We are excited to have Pinnacle Financial join the Marcus & Millichap family,” Marcus & Millichap President and CEO Hessam Nadji said in a press release. “Pinnacle’s three principals, Jim Leonard, Brock Walter and Brian Stulak, have done a terrific job of providing clients with customized solutions to their financing needs throughout their history.”
Nadji also stated that Pinnacle’s service offerings will help Marcus & Millichap improve its operational capabilities.
“With Pinnacle as part of our financing division, we fill a service gap in key areas of the Midwest with proven experts,” Nadji said. “The Pinnacle team will provide our investment sales professionals and clients with financing options for all major property types including bridge loans, mezzanine financing as well as construction loans. Pinnacle also brings a well-established and sizable mortgage servicing portfolio as well as relationships with life insurance companies and CMBS lenders.”
Pinnacle President Jim Leonard also expressed optimism about the acquisition, based on a interactions between the two companies.
“Marcus & Millichap has a highly respected platform and we are excited to contribute to scaling MMCC’s growth by integrating Pinnacle’s extensive lender network and providing expertise and infrastructure for mortgage servicing,” Leonard said in the release. “Our team, with over 75 years collective experience in the mortgage banking industry, has provided our clients with competitive terms, creative and innovative financial structures and reliable executions for over 28 years. We are excited for the opportunity to be involved in more transactions in a wider geographic area; this will allow us to better leverage our relationships with lenders and continue to expand our capital sources. Our philosophy and history of consistent execution dovetail well with that of Marcus & Millichap and we look forward to making a meaningful contribution to MMCC’s expansion.”