Cherry Hill Mortgage Investment Corporation announced Tuesday that its REIT subsidiary, CHMI Solutions Inc., will acquire a mortgage company for approximately $4 million.Moorestown-based Cherry Hill will also assume about $3 million of Aurora Financial Group Inc.’s liabilities.
“The acquisition of Aurora is a significant milestone for Cherry Hill on several levels,” Jay Lown, Cherry Hill chief investment officer and president, said in a prepared statement. “Upon closing, we will have received approvals to service loans for the agencies and a MSR portfolio with approximately $700 million of UPB, thus strengthening our asset base.”
Lown also stated that Cherry Hill will become a more service-centric company “with additional avenues for growth while continuing to focus on opportunities that will generate attractive risk-adjusted long-term returns for our shareholders.”
The transaction is expected to close by the end of the second quarter of 2015 and is subject to customary closing conditions.
ALSO ON NJBIZ:
Look beyond the dollar sign when considering the best-paying jobs for women
Venture buys last buildable Giralda Farms land as Madison strives to encourage redevelopment
Pinnacle joins with Hampshire in developing new Montclair hotel