Charlotte-based mortgage banking firm Capital Advisors has announced that it will be acquired by Cleveland’s Bellwether Enterprise Real Estate Capital.
Terms of the deal, which is expected to close around June 30, were not disclosed. The deal still requires Bellwether Enterprise and Enterprise Community Investment board approval. Bellwether is a subsidiary of Columbia, Md.-based Enterprise Community Investment.
The companies said Capital Advisor’ 31 employees will be retained once the deal closes. Capital Advisors will take on the Bellwether Enterprise name.
Under the deal, the principals of Capital Advisors will receive an equity stake in Bellwether.
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The acquisition is expected to add more than $1 billion in annual loan volume and $1.75 billion in loan servicing to Bellwether Enterprise.
Capital Advisors has been in business since 1994. The company is headquartered in uptown Charlotte at 200 S. College St., also known as BB&T Center.
Capital Advisors has offices elsewhere in North Carolina and in Alabama, South Carolina and Tennessee.