Wells Fargo & Company today said it entered into a definitive agreement to sell the non-agency third-party servicing segment of its commercial mortgage servicing business to Trimont, an Atlanta-headquartered commercial real estate loan servicer and advisor.
“This transaction is consistent with Wells Fargo’s strategy of focusing on businesses that are core to our consumer and corporate clients,” said Kara McShane, executive vice president and head of Wells Fargo Commercial Real Estate, on Tuesday.
The transaction is expected to close in early 2025, subject to the satisfaction of customary closing conditions, according to Wells Fargo, which will continue servicing agency/government-sponsored enterprise loans and loans held on its balance sheet.
“We remain committed to our market-leading commercial real estate business, and we will continue to serve our clients with a broad suite of lending, advisory and capital markets capabilities while leveraging our franchise to grow our corporate and investment bank,” McShane said.
Trimont CEO Bill Sexton said that both Trimont and Wells Fargo’s commercial mortgage servicing are recognized experts in their respective areas of concentration.
“The businesses are highly complementary and combining them allows Trimont to provide a unique and comprehensive service offering to the increasingly sophisticated CRE lending market,” Sexton said. “We look forward to welcoming the team from Wells Fargo, and working with them to capitalize on our strengths as we continue to deliver superior service and value to the clients of both businesses.”
Wells Fargo Securities LLC served as exclusive financial advisor to Wells Fargo, while Wachtell, Lipton, Rosen and Katz served as legal advisor to Wells Fargo.