With the ever-changing commercial real estate climate, 83-year-old Norris, Beggs & Simpson made a bold move to enhance its competitive advantages and position itself for future growth. The company has sold its brokerage division and will be transferring many property management accounts to Colliers International in order to focus on the capital markets divisions of the company, Norris, Beggs & Simpson Financial Services and Morrison Street Capital.
Norris, Beggs & Simpson
Companies, the new holding company, will be reorganized with two wholly-owned
subsidiaries, Norris, Beggs & Simpson Financial Services and Morrison
Street Capital. The new holding company’s leadership will include: Rance Gregory, CEO of Norris, Beggs & Simpson Companies and Morrison Street
Capital, working together with COO Jan Robertson. Ken J. Griggs will continue as President of
NBS Financial Services and Marcus Parker has been promoted to President of
Morrison Street Capital. With this reorganization, the company has added new
shareholders, Morrison Street Capital team members Justin Dennett, Dave Dewey
and David Tindall.
|Rance Gregory, CEO|
“After much consideration, we have decided to dedicate our resources to expanding the higher growth segments of our company. Our recent openings of NBS Financial’s mortgage banking office in Phoenix and Morrison Street Capital’s office in New York were part of this strategy. And we will continue to expand over the next year," explains Gregory.
The mortgage lending and servicing division, NBS Financial Services, will continue its current operations with plans to expand its market share. NBS Financial had a record year in 2014 closing over $560 million in loans and could close as much as $700 million in 2015. With a nearly $2 billion servicing portfolio, and support from a national platform, Strategic Alliance Mortgage (SAM), an affiliation of 22 independently-owned companies located in 36 markets throughout the country, NBS Financial is one of the leading mortgage banking companies in the region.
The Morrison Street Capital division was founded by Rance Gregory in 2002 and places investment capital on behalf of the Morrison Street Series of private equity funds. Morrison Street Capital is an active investor in small balance commercial real estate transactions in the forms of equity, mezzanine debt, preferred equity, B-notes and commercial mortgage backed securities. From its offices in Portland and New York, the company is currently focused on providing up to 10-year term mezzanine loans and preferred equity on multiple property types nationwide.
"This is a company of great history and these changes best position Norris, Beggs & Simpson to thrive for many years to come," Gregory summarizes. "We are excited to continue to improve and grow the scope of our product offerings for our clients and lenders."