Jones Lang LaSalle acquires Primary Capital, enters multifamily sector
Jones Lang LaSalle (JLL) is entering the multifamily mortgage lending and servicing space through the acquisition of Atlanta-based Primary Capital Advisors. Although the total price of the deal was not publicly disclosed, it does include the transfer of a $2 billion loan servicing platform that Jones Lang LaSalle plans to expand nationwide. The firm will now be able to operate as a Freddie Mac Program Plus Seller/Servicer because of the acquisition. The acquisition is expected to close during the first quarter of 2011. "We are focused on building an industry-leading capital markets business with a strong foothold in the multifamily business throughout the Americas," said Jay Koster, president of Jones Lang LaSalle's Americas capital markets business. "With our new servicing capabilities, we will increase our competitive position, and can now offer more customized responses to borrowers’ and lenders’ needs." Under the terms of the deal, Primary Capital co-founder Faron Thompson will lead Jones Lang LaSalle's new multifamily lending initiative. He will also govern the firm's commercial loan servicing platform and the Freddie Mac Program Plus Seller/Servicer platform. Primary Capital's managing director, John Bray, will also join the Jones Lang LaSalle team. William Pendleton, Primary Capital founder, president and CEO, will serve as a senior advisor to Jones Lang LaSalle, focusing on client and lender relations. “We’re pleased to add Bill, Faron, and John and their team to our Capital Markets business and to our strong Atlanta team," commented Clark Gore, Atlanta market director for Jones Lang LaSalle. "The Primary Capital team is a very well respected group of professionals and our new colleagues will bring a new dynamic to the local and national business that will benefit our client base." Primary Capital Advisors is a real estate investment advisory firm specializing in debt, equity and investment sales. Jones Lang LaSalle is financial and professional services firm specializing in real estate. Write to Christine Ricciardi. Follow her on Twitter @HWnewbieCR. Disclosure: The author holds no relevant investments.