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.