The national brokerage firm Marcus & Millichap (M&M), Inc. has entered into a definitive agreement to acquire the assets of Cleveland-based Pinnacle Financial Group, Inc. Terms of the deal were not disclosed.
Formed in 1990, Pinnacle is one of the largest independently owned financing companies in the Midwest. The acquisition is scheduled to close by the end of the second quarter.
“We are excited to have Pinnacle Financial join the Marcus & Millichap family. Pinnacle’s three principals, Jim Leonard, Brock Walter and Brian Stulak, have done a terrific job of providing clients with customized solutions to their financing needs throughout their history,” M&M President and CEO Hessam Nadji said in a release announcing the definitive agreement.
“With Pinnacle as part of our financing division, we fill a service gap in key areas of the Midwest with proven experts. The Pinnacle team will provide our investment sales professionals and clients with financing options for all major property types including bridge loans, mezzanine financing as well as construction loans,” Nadji added. “Pinnacle also brings a well-established and sizable mortgage servicing portfolio as well as relationships with life insurance companies and CMBS lenders. These capabilities and synergies are complementary to those of Marcus & Millichap Capital Corporation (MMCC) and should result in expanded business and growth opportunities all around.”
Leonard, Pinnacle Financial Group’s president said M&M has a highly respected platform.
“Our team, with over 75 years collective experience in the mortgage banking industry, has provided our clients with competitive terms, creative and innovative financial structures and reliable executions for over 28 years,” he said. “We are excited for the opportunity to be involved in more transactions in a wider geographic area; this will allow us to better leverage our relationships with lenders and continue to expand our capital sources. Our philosophy and history of consistent execution dovetail well with that of Marcus & Millichap and we look forward to making a meaningful contribution to MMCC’s expansion.”