Berkadia Expands Its Sales Force in the Midwest

(BRK.A), (BRK.B)

Berkshire Hathaway’s joint venture Berkadia Commercial Mortgage is expanding its multifamily investment sales team with 12 new hires across the Midwest.

The new additions, all joining from Marcus & Millichap, include nine multifamily investment sales advisors and three supporting team members, who will be located in Berkadia’s Chicago, St. Louis and Kansas City, Missouri offices.

In the last 12 months, the team has closed 31 transactions totaling more than $300 million.

Eight of the new hires will join the Chicago office, expanding the existing office by nearly one-third of its original size, and bringing the total number of mortgage banking and investment sales professionals to 36.

The investment sales team joins the already established Berkadia mortgage banking team, making it a fully integrated regional office.

Senior Directors David Gaines and Alex Blagojevich, along with Director Michael Sullivan, are the leaders of the coordinated team.

In total, the group has brokered more than $1 billion in the sale of over 17,000 units across the Midwest.

Across Berkadia’s 70 offices, multifamily investment sales and mortgage banking production exceeded $17 billion in 2014.

Sales and finance volumes are on pace to surpass this number for the current calendar year.

About Berkadia

Berkadia is a third-party commercial mortgage servicer, as well as an approved lender for Fannie Mae, Freddie Mac, and HUD/FHA. The company was among the top Freddie Mac and Fannie Mae multifamily lenders for 2013.

Berkadia was founded in 2009 as a 50/50 joint venture between Berkshire Hathaway and Leucadia National Corporation.

© 2015 David Mazor

Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell the stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.