Commercial real estate service and investment management firm Colliers International Group Inc. agreed to purchase a controlling stake in four subsidiaries of Dougherty Financial Group LLC.
Dougherty is a Minneapolis-headquartered provider of mortgage banking, brokerage and investment banking services. Its subsidiaries involved in the transaction are Dougherty Mortgage LLC, Dougherty & Co. LLC, Dougherty Funding LLC and Dougherty Insurance Agency LLC.
The company's mortgage banking activities will operate as Colliers Mortgage LLC upon deal closing. It will provide specialty debt financing to multifamily, healthcare and senior housing real estate through U.S. government-sponsored enterprises, as well as offer commercial property lending to institutional investors and loan syndication.
Dougherty's securities business will be rebranded as Colliers Securities LLC and will offer brokerage, investment banking, capital market services, public finance services and other real estate-related activities. It will remain registered with the SEC and a Financial Industry Regulatory Authority member.
The acquisition is set to be completed in the first half of 2020, pending regulatory approval.