KeyCorp to Acquire Malone Mortgage

Published June 06, 2005, 2:00 p.m. EDT

1 Min Read

Cleveland-based KeyCorp has agreed to acquire Malone Mortgage Co., Dallas, which it says will expand its ability to provide Federal Housing Administration financing to commercial real estate developers.The terms of the transaction were not disclosed. Malone Mortgage originates, underwriters, and services multifamily FHA loans nationwide for new construction, acquisition, and the refinancing of existing facilities, KeyCorp said. The company said its commercial real estate line of business, KeyBank Real Estate Capital, boasts nearly $19 billion in annual financings and ranks in the top 10 FHA servicers in the United States. Malone Mortgage's annual financings total about $200 million, and its commercial mortgage loan servicing portfolio stands at approximately $1.2 billion, KeyCorp reported. The company can be found online at http://www.key.com.

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