NorthMarq Taps Jeffrey Weidell as Next CEO
- Oct 15, 2019
NorthMarq’s President Jeffrey Weidell will become CEO on Jan. 1, 2020, succeeding Eduardo Padilla at the helm of the real estate capital markets heavyweight. Padilla will assume the role of executive chair after serving as CEO for 20 years.
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As president of the Minneapolis-based firm, Weidell has spearheaded a variety of successful initiatives, including last year’s launch of an investment sales platform, significant growth in debt production and expansion of the company’s equity advisory business. He has also served on NorthMarq’s executive committee.
“We start with a great foundation,” said Weidell in a conversation with Multi-Housing News. “We have good people. What we want to do is expand our role in the industry.”
NorthMarq’s investment sales business, which specializes in multifamily and manufactured housing assets, is growing rapidly, having branched out from its base in Phoenix to Los Angeles, Atlanta and other cities. “The priority is adding that to the network nationally,” Weidell said. Selective expansion into allied asset categories, such as student housing, is also a possibility, he added.
In addition, Weidell aims to continue growing the company’s associate producer program, which trains and mentor up-and-coming finance experts, and to improve the client experience through technology, he said.
Weidell joined NorthMarq as managing director of the firm’s San Francisco office in 2000 and served in that position until his promotion to president in 2013. The executive was previously a top producer with Trowbridge, Kieselhorst & Company & Co., which NorthMarq acquired in 2000.
Padilla steps back after two decades
Weidell’s predecessor, Ed Padilla, leaves behind a two-decade legacy of growth. Under his leadership, NorthMarq has completed nearly 20 acquisitions, including Salt Lake City-based Western Capital Reality Advisors in 2017 and Texas Realty Capital this year. The firm has grown to 37 debt and equity offices and a loan servicing portfolio of nearly $60 billion.
Also of note, Padilla led the development of the firm’s Freddie Mac Optigo and Fannie Mae Delegated Underwriting and Servicing (DUS) platforms. He joined NorthMarq in 1991 as a producer & managing director of the Minneapolis regional office, rising to become executive vice president and regional managing director before his appointment as CEO in 2000.
NorthMarq began in the 1960s as a financing business in Saint Paul, Minn., and currently has an annual transaction volume of $13 billion and more than 550 personnel. The company provides debt, equity and loan servicing to commercial real estate owners and investors, along with investment sales solutions. NorthMarq is part of the Pohlad Cos., a diversified group of businesses managed by the billionaire Pohlad family.