- Wells Fargo on Tuesday agreed to sell its non-agency third-party Commercial Mortgage Servicing business to Trimont, a move that will make the firm the largest servicer of commercial real estate securitized debt in the United States.
The"strategically important transaction" will position Trimont to be a key partner to real estate capital providers, said Jim Dunbar, Chair of Trimont and Partner at Värde Partners. "This transaction is consistent with Wells Fargo's strategy of focusing on businesses that are core to our consumer and corporate clients," said Kara McShane, executive vice president and head of Wells Fargo Commercial Real Estate, in a statement.Funding for the deal will be provided by Värde Partners, an alternative investment firm, which acquired and has owned Trimont through certain funds since 2015.
The deal, for which no value was disclosed, is expected to close in early 2025, pending certain conditions, and will result in Trimont managing over $715 billion in U.S. and international commercial real estate loans.
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