JLL announced it is acquiring Oak Grove Capital, a mortgage lender specializing in affordable and market-rate multifamily and senior housing. The deal is expected to close by the end of the year.
Oak Grove’s Fannie Mae, Freddie Mac, and Department of Housing and Urban Development (HUD)/Ginnie Mae capabilities will expand JLL’s housing and health-care financing expertise and complement its multifamily sales and equity services.
Oak Grove ranked No. 6 on AHF’s top lenders list this year, completing $748.5 million in affordable housing lending in 2014.
Once the acquisition is complete, all 120 Oak Grove employees from across the country will join JLL (NYSE: JLL). Together, JLL and Oak Grove have more than $4 billion in annual originations and $14 billion in loan servicing.
The multifamily sales and financing market represents a significant portion of all capital markets activity in the United States, and the acquisition broadens the company’s capabilities in this important space, noted Greg O’Brien, CEO, Americas, of JLL.
“Oak Grove has built a superior reputation and is widely recognized as a leader in credit analysis, underwriting and risk management, as well as asset management and loan servicing,” he said in a statement. “Its complementary culture and deep client relationships will blend seamlessly as we partner together to create a focused approach in the multifamily sector.”
JLL is a
professional services and investment management firm offering specialized real
estate services. A Fortune 500 company with annual fee revenue of $4.7
billion and gross revenue of $5.4 billion, the business has more than 230 corporate
offices, operates in 80 countries, and has a global workforce of approximately
58,000. JLL is the brand name, and a registered trademark, of
Jones Lang LaSalle.