Pinnacle Financial Group Inc., a Cleveland commercial real estate mortgage brokerage and servicing firm, is being acquired by the national brokerage firm Marcus & Millichap Inc.
The deal is expected to close by the end of the second quarter.
“With Pinnacle as part of our financing division, we fill a service gap in key areas of the Midwest with proven experts,” Marcus & Millichap President and CEO Hessam Nadji said in a statement.
The deal gives Marcus & Millichap’s investment sales team financing options for all major property types. Pinnacle also brings a sizable mortgage servicing portfolio as well as relationships with life insurance companies and CMBS lenders.
“These capabilities and synergies are complementary to those of Marcus & Millichap Capital Corporation and should result in expanded business and growth opportunities all around,” Nadji said. Jim Leonard, president of Pinnacle Financial Group said, “We are excited for the opportunity to be involved in more transactions in a wider geographic area. This will allow us to better leverage our relationships with lenders and continue to expand our capital sources.”
