PHOENIX— Berkadia Commercial Mortgage LLC, the real estate venture backed by Warren Buffett’s Berkshire Hathaway Inc., has completed the acquisition of Hendricks & Partners, the multifamily property commercial real estate firm, headquartered in Phoenix.
With 37 offices nationwide, Hendricks & Partners’ encompasses more than 180 apartment professionals throughout the country. The firm is regarded as one of the nation’s largest privately held multifamily investment sales and research firms. The acquisition closed on Dec. 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,” says Hugh Frater, CEO of Berkadia. “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.”
Hendricks & Partners will now operate under the name Hendricks-Berkadia to form 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.
Hendricks says combining Hendricks and Berkadia enables the companies to expand their real estate platform by “offering a wide array of capital solutions to multifamily owners and investors nationwide.”
Berkadia was formed as a joint venture between Berkshire Hathaway Inc. and Leucadia National Corp. as a commercial real estate lender and special, master and primary servicer managing a portfolio of more than $200 billion as of 2012.
“Since the company was formed in 2009, Berkadia has been able to steadily grow its strength and presence in the commercial real estate industry,” says Warren Buffett, Chairman and CEO of Berkshire Hathaway.”We see Berkadia's acquisition of Hendricks as another significant step in the growth of its multifamily expertise and services.”
— Rachel Goff