Värde Partners-backed Trimont is expanding its commercial real estate (CRE) loan services by acquiring Wells Fargo’s non-agency third-party US commercial mortgage servicing (CMS) business.
The acquisition of the largest servicer of CRE securitised debt in the US, for an undisclosed sum, positions non-bank lender Trimont as the leading loan servicer in the US, managing a combined $640bn (€575.5bn) in loans.
This acquisition enables Trimont to offer comprehensive servicing across all non-bank commercial real estate lending structures, including master servicing.
Investment firm Värde Partners, which has owned Trimont through its funds since 2015, will provide funding for the transaction.
On completion of the deal, expected to be finalised in early 2025, Trimont will manage more than $715bn in US and international commercial real estate loans.
Bill Sexton, CEO of Trimont, said: “Trimont and Wells Fargo’s commercial mortgage servicing are recognised experts in their respective areas of concentration.
“The businesses are highly complementary and combining them allows Trimont to provide a unique and comprehensive service offering to the increasingly sophisticated CRE lending market.”
Jim Dunbar, chair of Trimont and partner at Värde Partners, said: “The addition of Wells Fargo’s commercial mortgage servicing business is accretive to Trimont and will strengthen its market position for years to come.
“This strategically important transaction positions Trimont to be a key partner to real estate capital providers given its breadth and scale of services.”
Kara McShane, EVP and head of Wells Fargo’s commercial real estate business, said: “This transaction is consistent with Wells Fargo’s strategy of focusing on businesses that are core to our consumer and corporate clients.
“We remain committed to our market-leading commercial real estate business, and we will continue to serve our clients with a broad suite of lending, advisory and capital markets capabilities while leveraging our franchise to grow our corporate and investment bank.”
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