Jones Lang LaSalle Inc. unit LaSalle Investment Management Inc. finalized its purchase of a majority of Latitude Management Real Estate Investors Inc.'s $1.2 billion debt fund business.
The real estate investment manager integrated the commercial real estate lending business, which was renamed LaSalle Mortgage Real Estate Investors, within its North America Private Equity platform.
As part of the deal, the senior management team kept an ownership stake in LaSalle Mortgage and will remain actively involved in the business. LaSalle Mortgage President and CEO Glenn Sonnenberg and Executive Vice President Chip Sellers, together with Managing Directors Craig Oram and Brett Mayer, will continue to lead the business' daily operations.
The acquired business offers short-term, floating-rate loans against sponsored middle-market commercial real estate assets, with a focus on originating new bridge loans for value-add and transitional properties in sustainable U.S. growth markets.