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Friday, Dec 1, 2023

PennyMac Moves into Commercial Real Estate

PennyMac Financial Services Inc. has formed a new division to focus on loans that finance multifamily and other commercial real estate deals, the company announced on Wednesday. The Moorpark lender had previously concentrated on home mortgages. Its new division, PennyMac Commercial Real Estate Finance, will work with its sister company, PennyMac Mortgage Investment Trust, on the securitization of commercial loan packages. “The opportunity in this market is particularly attractive and fits well with the operational platform and organizational culture that distinguish PennyMac,” said Chief Executive Stanford Kurland, in a statement. “We have hired a dynamic team of highly experienced commercial mortgage bankers to lead this new initiative.” Steve Skolnik, former chief executive and co-founder of ReadyCap Commercial LLC in Irvine, will head the new venture with the title of chief commercial lending officer. The venture will focus on deals with values under $10 million. Shares closed up 18 cents, or 1 percent, to $16.21 on the New York Stock Exchange.

Joel Russel
Joel Russel
Joel Russell joined the Los Angeles Business Journal in 2006 as a reporter. He transferred to sister publication San Fernando Valley Business Journal in 2012 as managing editor. Since he assumed the position of editor in 2015, the Business Journal has been recognized four times as the best small-circulation tabloid business publication in the country by the Alliance of Area Business Publishers. Previously, he worked as senior editor at Hispanic Business magazine and editor of Business Mexico.

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