Harbinger Group, a holding company in New York, has agreed to acquire a majority interest in CorAmerica Capital, a commercial real estate firm in Los Angeles.
The financial terms of the deal were not disclosed.
"The transaction announced today substantially increases the resources that will be available to CorAmerica for executing our vision of achieving returns through a combination of opportunistic and long-term projects in real estate," said Bill Petak, the co-founder of CorAmerica, in a news release Monday.
Petak will serve as the company's chief executive following the acquisition, overseeing daily operations.
CorAmerica originates and acquires commercial mortgages on behalf of institutional clients. The company also makes equity investments in a range of commercial properties, including offices, retail centers and apartments.
CorAmerica has offices in Los Angeles, New York and Des Moines, Iowa, where the company plans to expand its whole loan operations.