Denton-based Elk River Real Estate and Y Street Ventures of Flower Mound have formed a new commercial real estate brokerage, asset and property management and advisory services company called Verus Real Estate Advisors. The new firm, to be based in Flower Mound, is led by the former CEO of Sammons Enterprises and Founder of Y Street Ventures, Bob Korba, who will serve as chairman of Verus. Korba spent more than 20 years as the CEO of Sammons before assuming his current position as chairman of Sammons in January 2009. John “Sparky” Pearson, a founding partner with Staubach Capital Partners, will serve as a Verus adviser. At Staubach, Pearson was responsible for more than $8 billion in real estate transactions.
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The average U.S. rate for a 30-year fixed mortgage fell to 3.33% this week, according to Freddie Mac, as the Federal Reserve’s bond-buying program created demand for securities backed by home loans.
The statement asks the government to provide the “final piece of the puzzle” – a liquidity facility for single-family and multifamily servicers.