SAN DIEGO, CA - NorthMarq Capital, one of the largest privately owned commercial real estate mortgage banking companies in the U.S., is bucking the trend of contractions in the commercial real estate industry and opening a new office in San Diego, and hiring two industry veterans to operate as Co-Managing Directors. Martin (Marty) Meagher and Gardiner Champlin have agreed to terms with the Minneapolis-based NorthMarq, and will focus on multifamily originations with Freddie Mac and Fannie Mae (through NorthMarq affiliate AmeriSphere Multifamily Finance).
Meagher and Champlin have been working as a team since their years with Banker's Mutual, Berkshire Mortgage Finance and Deutsche Bank as those companies evolved. In 2005 they went together to GMAC Commercial Mortgage (now Capmark) and in 2007 they moved to Citigroup's Citi Community Capital. "We are excited in these turbulent times to be moving to NorthMarq," said Champlin. "Its private ownership provides a more stable financial environment from which to continue our primary business plan, multifamily finance."
Ed Padilla, NorthMarq's CEO, has high hopes for his newest office. "We are always in the market for good people, especially with proven multifamily production history like Marty and Gardiner. We will continue to seek and employ the premier production personnel in our industry and grow into other attractive markets. The current environment is providing us with opportunities to talk with people who have historically not been motivated to make a change. This is the time when NorthMarq can offer the kind of stability unavailable from a company that has taken on too much debt or whose capabilities are restricted by the public market. While the marketplace has changed dramatically since the record years of 2005-2007, we were profitable in 2008 and expect to be profitable in 2009 as well."
NorthMarq offers a full range of commercial real estate solutions from its headquarters in Minneapolis, Minn. The NorthMarq Capital group offers commercial real estate investment banking, investment services, real estate debt and equity financing, and commercial loan servicing in 30 offices coast-to-coast, with an average of $10 billion in annual production volume and services a loan portfolio of more than $37 billion. NorthMarq Real Estate Services provides brokerage, property management, tenant representation and healthcare advisory services to investors and space users in the Minneapolis/St. Paul market. NorthMarq Corporate Solutions works nationally with mid-sized corporate users to manage their real estate needs.
Source: Business Wire