Zions Finalizes the Acquisition of Fannie & Freddie’s Multifamily Business Line
Zions Bancorporation, National Association has declared the successful completion of its previously announced acquisition of the agency lending platform belonging to Basis Multifamily Finance I, LLC, a subsidiary of Basis Investment Group, LLC, collectively referred to as “Basis,” which operates as a national commercial real estate debt and equity investment platform.
This acquisition encompasses the skilled team, capabilities, and all related mortgage servicing rights of the agency lending platform.
“This acquisition bolsters our ability to serve our customers across the multifamily housing sector and is a natural extension of our commitment to supporting the development and preservation of the full spectrum of multifamily products, including workforce and affordable housing,” said Harris Simmons, Chairman and CEO of Zions Bancorporation. “We look forward to working closely with Fannie Mae and Freddie Mac and are pleased to welcome Basis’ agency lending team to Zions as we continue to grow our multifamily business and meet the evolving needs of our customers.”
The acquisition enhances Zions’ product offerings by enabling participation in the Fannie Mae DUS program and Freddie Mac’s Optigo Conventional program, thereby broadening the bank’s capacity to address the financing requirements of multifamily owners, operators, and developers across the nation.
“I am excited to see the Basis Multifamily team begin their next chapter with Zions,” said Tammy K. Jones, Founder and CEO of Basis. “Our strategic partnership with Zions brings together the strengths of both organizations, expanding investment and financing opportunities in affordable and workforce housing across our fund platforms while creating long-term value for our clients, investors, and communities. I wish Zions and the agency team every success as they scale the platform and take it to the next level.”
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