William E. Hughes, head of Marcus & Millichap Capital Corp., will retire, parent company Marcus & Millichap Inc. announced Monday.

The Calabasas commercial real estate brokerage said Hughes will continue to oversee lending for Marcus & Millichap-brokered deals until new management is in place, and he will continue as an advisor to the company.

In the 12 months ending Sept.30, 2017, the company’s finance division closed 1,649 transactions totaling $5.29 billion.

“For more than 20 years Bill has worked tirelessly to build our financing services, support our professionals and contribute to the firm’s overall growth,” Marcus & Millichap Chief Executive Hessam Nadji said in a statement. “We expect Bill’s successor to accelerate MMCC’s growth and its capital markets capabilities.”

Shares of Marcus & Millichap (MMI) closed Monday down 54 cents or 1.7 percent to $30.95 on the New York Stock Exchange.