Gantry (formerly Newmark Realty Capital) has entered the Portland, Ore., market with its acquisition of Norris, Begs & Simpson's (NBS) commercial real estate mortgage banking group.
The mortgage banking firm has not only acquired NBS production and servicing offices in Portland under the deal but has also extended its reach in Seattle. Blake Hering and Paddy Ryan, NBS producers in Portland, will join Gantry as new partners.
The companies disclosed that the transaction does not involve other NBS subsidiaries and that NBS would continue to independently own and operate its NBS Real Estate Consulting and Morrison Street Capital platforms.
“Gantry found an opportunity to expand and enhance our West Coast platform by adding seasoned, like-minded talent that shares our commitment to superior customer service,” said Jeff Wilcox, a principal at Gantry. “Our history and great relationship with the Norris, Beggs & Simpson team through the years make this strategic move a natural for all involved.”
The San Francisco-based mortgage firm also operates in Los Angeles, Orange County, Phoenix, Las Vegas, Spokane, and Buffalo, N.Y. With the acquisition, Gantry's national servicing platform expands to over $16 billion, representing over 2,000 loans located in 40 states.
“We have known the Gantry principals for decades and have had the opportunity to work side-by-side with them on all aspects of commercial mortgage finance," Woods said. "During those years, our team has always enjoyed a collaborative professional relationship with Gantry and its leaders. This familiarity and history mean our clients can expect a seamless transition into Gantry with no interruption to service or loan closings, particularly with our mortgage banking staff joining Gantry.”