"This acquisition helps to ensure that Key is well-positioned for growth, and represents our willingness to invest in our Corporate Bank business," said Chairman and CEO Beth E. Mooney.
"Acquiring these portfolios allows us to further leverage our highly-rated servicing platform," said Marty O'Connor, executive vice president and head of KeyBank Real Estate Capital Loan Servicing and Asset Management. "Our existing partnership with Berkadia will allow us to quickly integrate the Bank of America portfolios."
"We are excited at the opportunity to expand our relationship with KeyBank," said Mark McCool, executive vice president and head of servicing for Berkadia. "This agreement allows KeyBank to once again take advantage of our highly scalable and highly rated mortgage servicing platform."
KeyBank Real Estate Capital holds the highest commercial servicer ratings from Morningstar Credit Ratings LLC and S&P as a CMBS master, primary and special servicer.KeyBanc Capital Markets acted as financial advisor to Key in the acquisition. About KeyBank Real Estate Capital KeyBank Real Estate Capital is one of the nation's leading commercial real estate finance providers. Its professionals, located in select markets coast-to-coast, provide construction and interim finance, permanent mortgage and commercial real estate loan servicing, as well as investment banking and cash management services for virtually all property types. As a Fannie Mae Delegated Underwriter and Servicer and Freddie Mac Program Plus Seller/Servicer, KeyBank Real Estate Capital offers a variety of agency financing solutions for multifamily properties, including seniors housing and student housing. About KeyCorp KeyCorp was organized more than 160 years ago and is headquartered in Cleveland, Ohio. One of the nation's largest bank-based financial services companies, Key had assets of approximately $89.2 billion at March 31, 2013. Key provides deposit, lending, cash management and investment services to individuals and small and mid-sized businesses in 14 states under the name KeyBank National Association. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit https://www.key.com. KeyBank is Member FDIC. This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about Key's commercial mortgage servicing portfolio and plans for future growth. Forward-looking statements can be identified by words such as "expect," "believe," and "anticipate," and other similar references to future periods. Forward-looking statements are not historical facts but instead represent management's current expectations and forecasts regarding future events, many of which, by their nature, are inherently uncertain and outside of Key's control. Key's actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements. Factors that could cause Key's actual results to differ materially from those described in the forward-looking statements can be found in KeyCorp's Form 10-K for the year ended December 31, 2012, which has been filed with the Securities and Exchange Commission and is available on Key's website ( www.key.com/ir) and on the Securities and Exchange Commission's website ( www.sec.gov). Forward-looking statements are not guarantees of future performance and should not be relied upon as representing management's views as of any subsequent date. Key does not undertake any obligation to update the forward-looking statements to reflect the impact of circumstances or events that may arise after the date of the forward-looking statements.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV