PacWest Bancorp in Los Angeles has acquired a business that makes loans to residential real estate investors.
The $29.5 billion-asset PacWest bought Civic Financial Services from Wedgewood. The company did not disclose the price it paid.
Civic, formed in 2014, has funded more than $4.4 billion of loans to real estate investors, including $1 billion last year.
William Tessar will remain Civic’s president.
“This acquisition opens the door for us to grow in the private lending space with a proven market leader,” Matt Wagner, PacWest’s president and CEO, said in a Tuesday press release.
“With a strong capital base, we have the ability to continue to invest in scaling our infrastructure and operations and expand into new markets,” Tessar said in the release.
Evercore advised Wedgewood.