Everbank Financial Corp. (EVER) finalized its acquisition of Business Property Lending Inc., paying $2.41 billion in cash to close the deal.
Business Property Lending Inc, formerly a unit of GE Capital Real Estate-North America, is now operating as EverBank Business Property Lending, a subsidiary of EverBank.
The business unit will offer commercial loans for properties owned or leased by small to mid-sized companies as well as single and multi-credit tenant lease financing.
The sale was announced back in July. The transaction brought $2.33 billion in performing commercial loans as well as the servicing and origination platforms of Business Property under the EverBank umbrella. It also included 110 employees and servicing rights on $2.9 billion loans securitized by GE Capital.
“We are excited to welcome our new EverBank BPL colleagues to the EverBank team,” said Robert Clements, CEO and chairman of EverBank Financial Corp. “We believe the strategy is in place to grow the business and look forward to the benefits this acquisition should deliver to our company.”