Berkadia Commercial Mortgage has acquired multifamily sales and investment firm Hendricks & Partners.
Officials hope the merging of the two companies, which will operate as Hendricks-Berkadia, will propel each to new heights, Berkadia CEO Hugh Frater said.
“Hendricks has spent 17 years building a comprehensive database that represents the full data and history on probably 100,000 different properties representing millions of units,” he said.
The market research coupled with the sales relationships Hendricks brings to the table will combine with Berkadia’s lending power to create an integrated sales and lending platform for current and future clients.
“My hope for the partnership is to expand into the markets where we currently are not,” he said.
The creation of Hendricks-Berkadia, which was official on Dec. 31, includes 180 employees and 38 new offices and Frater said he hopes to double the workforce with the expansion. Terms of the acquisition were not filed with the Securities and Exchange Commission.
Berkadia, formerly known as Capmark, was purchased by Berkshire Hathaway and Leucadia National in 2009. The company launched its Investment Client Services division in 2011, but this latest deal will significantly expand its presence in the investment sales market.
