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Deal Boosts KeyCorp's Portfolio.
Cleveland -- KeyCorp is acquiring ORIX Capital Market's commercial mortgage-backed securities servicing business in a deal that will expand KeyBank Real Estate Capital's commercial mortgage servicing portfolio to over $70 billion, from its current $45 billion size.
The terms of the deal - which includes ORIX's master and primary servicing, as well as special servicing rights on some securitizations on which ORIX is the named special servicer - were not disclosed.
KeyCorp expects to retain all the ORIX employees associated with the acquired servicing operation.
The acquisition will place KeyBank REC in the ranks of the top five commercial mortgage loan servicers nationwide, according to the company.
E.J. Burke, executive vice president, KeyBank REC, said, "The acquisition of ORIX's servicing business enables us to continue our expansion in commercial mortgage servicing. Our excellence in loan servicing drives significant revenue to our origination groups, so all of Key benefits either directly or indirectly from this expansion of our servicing operations and portfolio. We're pleased to welcome the experienced and well-respected team from ORIX and see them as a strategic component of our future growth."
ORIX is ...
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