BGC Partners buys commercial property finance company for $875M

|About: BGC Partners, Inc. (BGCP)|By:, SA News Editor

Berkeley Point originates and services multifamily loans backed the GSEs and HUD. It's one of the top five Frannie multifamily originators and can combine with BGC's (NASDAQ:BGCP) Newmark's top three multifamily investment sales business, along with its commercial mortgage brokerage business.

Berkeley Point's revenues were up more than 5% Y/Y in the 12 months ended in March, with pretax income up 169%. Double-digit growth is expected in 2017 and 2018. Book value as of March 31 was $509M.

The deal is expected to be immediately accretive to BGC's EPS.

Investor presentation

Source: Press Release

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