Bethesda, Md.-based Walker & Dunlop has agreed to acquire George Elkins Mortgage Banking Co., which originates commercial real estate loans for life insurers, banks, trusts, pension funds and other private capital sources.
The terms of the transaction, other than it was a cash deal, were not disclosed.
Elkins is based in Los Angeles, plus it has offices in Lake Forest, Torrance, Sacramento and San Rafael, Calif.
It has averaged $800 million a year in transactions for all types of commercial real estate. The acquisition will add 14 commercial real estate originators to Walker & Dunlop's Capital Markets group.
As part of the transaction, approximately $1.7 billion in mortgage servicing rights held by life insurance companies is expected to be added to Walker & Dunlop's $57.3 billion servicing portfolio.
