Berkadia has expanded its presence in the Midwest with its acquisition of RiverCore Capital, a mortgage banking firm based in Cleveland. This deal closed on March 4.
RiverCore, which was founded in 2012, has originaed about $1.5 billion in loans and has acted as a servicer on about $800 million in loans. RiverCore partner Mark Vogel will join Berkadia as a senior managing director as part of the deal. He will be responsible for buliding the company’s mortgage platform across the state of Ohio.
“This addition immediately strenghtens our mortgage banking presence in an interesting market where no national players yet dominate,” said Justin Wheeler, Berkadia’s chief executive officer, in a statement. “Berkadia is committed to expanding our reach.”
Vogel brings more than 15 years of experience to Berkadia, including placing more than 250 senior and mezzanine debt, joint-venture, equity, sale and single-tenant leaseback transactions of more than $4 billion.