Bellwether Enterprise Real Estate Capital announced an extensive expansion of its West Coast operations, with 22 new hires joining the recently formed Los Angeles and San Diego offices and an existing Irvine office.
The additions increase the firm’s team to 35 across the Southern California region.
Bellwether Enterprise is the commercial and mortgage banking subsidiary of Enterprise Community Investment. Company leaders project the West Coast expansion to add more than $1 billion in annual loan volume, bringing the total anticipated loan volume to $6 billion in 2017.
The hires includes nine additional producers, four servicing staff, and nine support staff. Thirteen people will be based in Los Angeles, six will be join the Irvine office, and three will work in San Diego.
While the majority of the loan volume will come in market-rate lending, the expanded team brings additional capacity for Bellwether Enterprise to commit to affordable housing lending in the region, according to officials. The Southern California team will collaborate with Bellwether Enterprise’s affordable practice.
The company offers borrowers a full-spectrum of financing options including Fannie Mae, Freddie Mac, Federal Housing Administration, commercial mortgage-backed securities, and other proprietary lending products. The company currently has an annual servicing portfolio of over $14 billion.
Shelley Magoffin is the new executive vice president of the L.A. office. Tom Kenny is the new executive vice president in Irvine, and Nicholas Alston is senior vice president in San Diego.
All three were at Grandbridge Real Estate Capital prior to joining Bellwether Enterprise.
Bellwether Enterprise has been in a big growth phase. In recent years, it has expanded its affordable lending group in New York City, acquired Capital Advisors in the Southeast, opened an office in the New England area, and merged with Towle Financial Services in the upper Midwest.