Expands Company’s Financing Business in the Midwest
CALABASAS, Calif. (May 08, 2018) – Marcus & Millichap, Inc. (the “Company”, “Marcus & Millichap”, “MMI”) (NYSE:MMI), a leading national brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services, today announced it entered into a definitive agreement to acquire the assets of Pinnacle Financial Group, Inc., a Cleveland, Ohio based commercial real estate mortgage brokerage and servicing firm. Pinnacle was formed in 1990 and is currently one of the largest independently owned financing companies in the Midwest. The acquisition is scheduled to close by the end of the second quarter.
“We are excited to have Pinnacle Financial join the Marcus & Millichap family. Pinnacle’s three principals, Jim Leonard, Brock Walter and Brian Stulak, have done a terrific job of providing clients with customized solutions to their financing needs throughout their history,” shared president and CEO, Hessam Nadji. “With Pinnacle as part of our financing division, we fill a service gap in key areas of the Midwest with proven experts. The Pinnacle team will provide our investment sales professionals and clients with financing options for all major property types including bridge loans, mezzanine financing as well as construction loans. Pinnacle also brings a well-established and sizable mortgage servicing portfolio as well as relationships with life insurance companies and CMBS lenders. These capabilities and synergies are complementary to those of Marcus & Millichap Capital Corporation (MMCC) and should result in expanded business and growth opportunities all around. Most importantly, the addition of Pinnacle not only meets our financial criteria, it represents an alignment of culture and core values between their excellent team and our company,” concluded Mr. Nadji.
Jim Leonard, president of Pinnacle Financial Group stated, “Marcus & Millichap has a highly respected platform and we are excited to contribute to scaling MMCC’s growth by integrating Pinnacle’s extensive lender network and providing expertise and infrastructure for mortgage servicing. Our team, with over 75 years collective experience in the mortgage banking industry, has provided our clients with competitive terms, creative and innovative financial structures and reliable executions for over 28 years. We are excited for the opportunity to be involved in more transactions in a wider geographic area; this will allow us to better leverage our relationships with lenders and continue to expand our capital sources. Our philosophy and history of consistent execution dovetail well with that of Marcus & Millichap and we look forward to making a meaningful contribution to MMCC’s expansion.”
About Marcus & Millichap, Inc.
Marcus & Millichap, Inc. is a leading national brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services. As of December 31, 2017, the Company had over 1,800 investment sales and financing professionals in 78 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The Company also offers market research, consulting and advisory services to our clients. Marcus & Millichap closed 8,979 transactions in 2017, with a sales volume of approximately $42.2 billion. For additional information, please visit www.MarcusMillichap.com.