Zions Bancorp. in Salt Lake City agreed to buy the Fannie Mae and Freddie Mac lending business of Basis Multifamily Finance I.
The $89 billion-asset Zions said in a press release that the deal includes an experienced team, access to agency lending programs, and all associated mortgage servicing rights. Zions and Basis entered into a strategic partnership that will expand each company’s real estate financing and capital formation efforts.
The price wasn’t disclosed.
The “will strategically expand our capabilities to meet the needs of our commercial real estate customers,” Harris Simmons, Zions’ chairman and CEO, said in the release. “This is a natural, customer-driven evolution of our capital markets strategy, which continues to be a meaningful growth engine for the company.”
Zions Capital Markets and Allen Overy Shearman Sterling US advised Zions. Beekman Advisors and Davis Polk & Wardwell advised Basis.