According to a Reuters news report, the Conning deal will allow the Cleveland-based bank holding company to issue, service, and securitize multifamily, retail, industrial, and office property loans for pensions and life insurance company investments. Conning now services about $4 billion in commercial mortgage loans, Reuters said.
Officials of KeyCorp.’s Key Commercial Mortgage unit, told Reuters that the Hartford, Connecticut-based Conning’s investor base offers a permanent funding source for its current construction and interim loans.
The May 6 purchase agreement is expected to close within
the next 60 days, KeyCorp said. Conning Asset Management is
a US unit of Swiss Re.