Wells Fargo announced Tuesday it will sell its non-agency third-party Commercial Mortgage Servicing business to Trimont, positioning Trimont as the largest servicer of commercial real estate securitized debt in the U.S.
The deal, which is expected to close in early 2025, will see Trimont managing over $715 billion in commercial real estate loans globally.
Trimont, owned by Värde Partners since 2015, will significantly expand its portfolio with this acquisition. Wells Fargo, focusing on core businesses, said the sale aligns with its strategic goals. The financial terms of the transaction were not disclosed.
The banking industry faces growing pressures from elevated interest rates and commercial real estate market challenges.
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