Magazine article Mortgage Banking

Principal Real Estate Investors, U.S. Bank Join Forces

Magazine article Mortgage Banking

Principal Real Estate Investors, U.S. Bank Join Forces

Article excerpt

PRINCIPAL REAL ESTATE INVESTORS, DES Moines, Iowa, and U.S. Bank NA, Minneapolis, have joined forces to create Principal Commercial Funding II, a jointly owned business that will compete in the CMBS market.

Principal Real Estate Investors is the real estate investment arm of Principal Global Investors LLC, a member of the Principal Financial Group Inc., Des Moines, Iowa. U.S. Bank is the principal banking subsidiary of U.S. Bancorp, Minneapolis.

The new company will be the CMBS platform for both Principal Real Estate Investors and U.S. Bank, and will focus on securitizing commercial mortgages originated by both Principal Real Estate Investors and U.S. Bank, according to Pat Halter, chief executive officer of Principal Real Estate Investors.

"This arrangement will allow Principal Real Estate Investors and U.S. Bank to leverage their independent and complementary strengths to create a nationwide platform unparalleled in the industry," said Halter.

Principal Commercial Funding II will have more than 175 loan originators sourcing investment opportunities across the United States, with Principal Real Estate Investors relying on its well-established network of mortgage banking relationships, and U. …

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