JLL Teams with Primary Capital
- Jan 27, 2011
January 27, 2011
By Allison Landa, News Editor
Jones Lang LaSalle has entered into an agreement to broaden its commercial mortgage banking business via the acquisition of Primary Capital Advisors’ commercial real estate lending and servicing group. The purchase, which includes a $2 billion loan servicing program that JLL plans to expand nationally, is expected to close this quarter.
JLL’s multi-family lending business will be led by Primary Capital co-founder Faron Thompson, who will also take an executive leadership role in the firm’s real estate investment banking team. John Bray will serve as managing director; Thompson and Bray will work with Americas Capital Markets president Jay Koster as well as the real estate investment banking team of Tom Melody, Mike Melody and Tom Fish, who made the move to JLL last year.
Koster said that bringing on the Melody-Fish team was a commitment to advancing the firm’s market share in the mortgage banking business as well as estasblishing a major pillar of its offering in the agency business to drive growth. He added that the purchase of Primary Capital is a continuation of this expansion and an increase of the company’s competitive position as it will be able to offer more customized responses to the needs of borrowers and lenders.
Tom Melody said that JLL’s market share in the real estate investment banking arena is fast growing, and that adding Primary Capital provides another major step. He asserted that the new loan-servicing program will grow the firm’s overall business.
Primary Capital founder, president & chief executive officer William Pendleton will serve as a senior advisor to JLL, focusing on expanding client and lender relations.