Cleveland-based Bellwether Enterprise Real Estate Capital has agreed to acquire the assets of Capital Advisors, Inc., a privately held mortgage-banking firm.
The acquisition will add more than $1 billion in annual loan volume and $1.75 billion in servicing to Bellwether Enterprise. This is expected to bring the firm’s total annual loan volume to more than $4.5 billion and its servicing portfolio to $10.2 billion.
The transaction is expected to close on or about June 30.
The principals of Capital Advisors will receive an equity stake in the newly expanded Bellwether Enterprise, and Capital Advisors’ 31 employees will remain with the company. Capital Advisors is headquartered in Charlotte, North Carolina, and has been in business since 1994.
“The acquisition of Capital Advisors is the latest example of Bellwether Enterprise’s commitment to strategic expansion across the country that will ultimately allow us to serve more people in need,” said Ned Huffman, president of Bellwether Enterprise, in a written statement.