Fog Cap Sells CRE Brokerage Unit

Fog Cap Commercial Lending, a subsidiary of Portland, Ore.-based Fog Cutter Capital Group, has sold its commercial mortgage brokerage unit, George Elkins Mortgage Banking Co., to a division of MuniMae for $10.4 million.The Fog Cutter affiliate owned 51% of Los Angeles-based George Elkins, Fog Cutter reported. The brokerage business, which provides brokerage services in the origination of commercial mortgages, specializes in arranging commercial real estate loans for a variety of property types, with loan amounts averaging from $1 million to $50 million. During 2006, George Elkins facilitated the placement of over $1.0 billion in commercial mortgages, according to Fog Cutter. George Elkins also manages a commercial loan servicing portfolio in excess of $1.1 billion for various investors. Fog Cutter can be found on the Internet at http://www.fccgi.com.