Marcus & Millichap has entered into an agreement to acquire the assets of Pinnacle Financial Group, a Cleveland-based commercial real estate mortgage brokerage and servicing firm.
Pinnacle was founded in 1990. The acquisition is scheduled to close by the end of the second quarter.
“With Pinnacle as part of our financing division, we fill a service gap in key areas of the Midwest with proven experts,” said Hessam Nadji, president and chief executive officer of Marcus & Millichap, in a statement.
“Marcus & Millichap has a highly respected platform, and we are excited to contribute to scaling Marcus & Millichap Capital Corporation’s growth by integrating Pinnacle’s extensive lender network and providing expertise and infrastructure for mortgage servicing,” said Jim Leonard, president of Pinnacle Financial Group, in a statement.