New England Realty Resources, a Boston-based company founded by James M. Murphy, has banded together with 11 other companies to form a company called Q10, Mr. Murphy told attendees at the MBA's commercial real estate finance/multifamily housing convention in Orlando.Q10, a commercial mortgage lender and servicer with 18 offices nationwide, is looking to have a presence in the 35 largest U.S. metropolitan markets, Mr. Murphy told MortgageWire, and is looking for independent owners to partner with for this purpose. Q10 has a $9.1 billion servicing portfolio and did about $4.5 billion in loan production last year, according to Mr. Murphy, a former president of the MBA. The company provides financing for first and second mortgages, mezzanine loans, joint ventures, and commercial mortgage-backed securities. Mr. Murphy told convention attendees that "the back-end of CMBS is broken" and that the CMBS industry is hurting itself by developing a "bidding frenzy for servicing rights."

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