NorthMarq Acquires New England Realty Resources
- Jan 11, 2012
Minneapolis—NorthMarq Capital LLC has acquired New England Realty Resources (NERR) of Boston. NERR is a 30-year-old mortgage firm specializing in the origination and servicing of commercial mortgage investments. The acquisition is expected to significantly increase the production from that office.
Joining NorthMarq from NERR are four industry veterans, including the firm’s founder, Jim Murphy, who will be the Boston office’s managing director. He is the former Chairman of the Mortgage Bankers Association of America and a former member of Fannie Mae’s National Advisory Council. In Boston, he served as a member of the Mayor of Boston’s Housing Finance Blue Ribbon Panel and as a past Director of the Massachusetts Chapter of the National Association of Office and Industrial Properties (NAIOP).
The new team also includes Ed Riekstins, who served as president and COO of NERR, Senior Vice President John Sullivan and Assistant Vice President Michael Chase. They join the existing NorthMarq Boston team, led by Joseph Hegenbart, who continues as managing director.
NERR brings its $322 million loan servicing portfolio to NorthMarq, representing more than a dozen major life insurance companies.