EverBank Completes $2.4B GE Capital Real Estate Deal
EverBank Financial announced the successful completion of its acquisition of Business Property Lending, a business unit of GE Capital Real Estate, North America.
Business Property will be renamed EverBank Business Property Lending, a subsidiary of EverBank. It will provide commercial loans for essential use properties owned or leased by small and midsize businesses, as well as single and multi-credit tenant lease financing nationwide.
On July 2, 2012, the company announced that it had executed a definitive agreement to acquire the stock of Business Property Lending, including the origination and servicing platform of Business Property. The final purchase price was $2.41 billion in cash. No debt was assumed in the acquisition. The transaction included approximately $2.33 billion of performing commercial loans, the origination and servicing platforms, 110 employees and servicing rights on $2.9 billion of loans securitized by GE Capital.
“We are excited to welcome our new EverBank BPL colleagues to the EverBank team,” said Robert Clements, EverBank Financial chairman of the board and chief executive officer. “We believe the strategy is in place to grow the business and look forward to the benefits this acquisition should deliver to our company.”