Berkshire, Leucadia's Berkadia Buys Hendricks & Partners
Berkadia Commercial Mortgage LLC (Berkadia), one of the nation's leading commercial real estate lenders and servicers, today announced the expansion of its U.S. presence through its acquisition of Hendricks & Partners.
With 37 offices nationwide, Hendricks & Partners' encompasses more than 180 apartment professionals throughout the country. The firm is regarded as a leader in U.S. apartment sales and one of the largest providers of apartment research in the country. Headquartered in Phoenix, Arizona and founded in 1995 by Chairman and CEO Don Hendricks, the firm has grown to become one of the largest privately held multifamily investment sales platforms in the nation. The acquisition closed on December 31, 2012.
“Our industry continues to evolve toward providing as many services as possible to our customers and we are pleased to welcome Don and the rest of the Hendricks team to our Berkadia family. In this new partnership we see tremendous opportunities to not only expand our existing client relationships with the offer of additional services, but also to build new relationships in the commercial real estate industry,” said Hugh Frater, CEO of Berkadia.
"Since the company was formed back in 2009, Berkadia has been able to steadily grow its strength and presence in the commercial real estate industry," said Warren Buffett, Berkshire Hathaway Inc. Chairman and CEO. "We see Berkadia's acquisition of Hendricks as another significant step in the growth of their multifamily expertise and services."
Effective immediately, Hendricks & Partners will operate under the name Hendricks-Berkadia, apartment real estate advisors, forming another major business unit next to Berkadia's loan servicing, mortgage origination and proprietary lending operations. Current Hendricks & Partners CEO, Don Hendricks, will join Berkadia's Executive Committee as the CEO of Hendricks-Berkadia and Executive Vice President of Berkadia. Hendricks-Berkadia will continue to be headquartered in Phoenix.
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