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Stearns Lending buying Primary Capital Mortgage's consumer-direct lending biz

Santa Ana, Calif.-based Stearns Lending LLC is buying Atlanta-based Primary Capital Mortgage LLC's wholesale, non-delegated correspondent and consumer-direct lending businesses, according to a June 6 press release.

Stearns has already offered positions to employees affected by the deal.

Houlihan Lokey acted as Primary Capital's exclusive financial adviser.

Stearns is a unit of Blackstone Group LP, which had assets of $28.34 billion as of March 31. Primary Capital, on the other hand, is a unit of Resource Capital Corp., which had assets of $2.00 billion as of March 31.