Bellwether Enterprise Real Estate Capital, the commercial and multifamily mortgage banking subsidiary of Enterprise Community Investment, announced that it will acquire Capital Advisors, a full-service mortgage banking firm headquartered in Charlotte, N.C.
The acquisition will add more than $1 billion in annual loan volume and $1.75 billion in servicing for Bellwether Enterprise, bringing the firm’s loan volume to more than $4.5 billion and its servicing portfolio to $10.2 billion.
“The acquisition of Capital Advisors is the latest example of Bellwether Enterprise’s commitment to a strategic expansion across the country that will ultimately allow us to serve more people in need,” says Ned Huffman, president of the firm.
The move will expand Bellwether Enterprise’s presence in the Southeast. Capital Advisors has offices in Atlanta; Birmingham, Ala.; Columbia and Greenville, S.C.; Greensboro and Raleigh, N.C.; and Memphis, Tenn.
It also will benefit the new affordable housing group Bellwether Enterprise established earlier this year, which is led by industry veteran Philip Melton.
“Some of the benefits of having more people in the Southeast market will result in a lot more opportunities on the affordable housing side,” says Huffman. “We look to leverage this acquisition to help Phil Melton and his team source additional business. Affordable and workforce housing is such a critical component to our company.”
The transaction is subject to Bellwether Enterprise and Enterprise board approval and is expected to close June 30. Capital Advisors will take on the Bellwether Enterprise name at closing and retain its 31 employees.