Industry Watch: Healthcare REITs merge, TD Bank debuts new mortgage for minorities and more

Healthcare Realty Trust and Healthcare Trust of America announced that they have agreed to enter into a strategic business combination, bringing together two of the largest owners of medical office buildings to create one of the largest medical office real estate investment trusts in the U.S. The company will have a pro forma equity market capitalization of about $11.6 billion and a total enterprise value of $17.6 billion, based on the implied values at market close on Feb. 24. The new company, which will be based in Nashville, will be led by the Healthcare Realty management team, with Todd Meredith as president and CEO and Kris Douglas as executive vice president and chief financial officer. The new company will operate under the Healthcare Realty name and trade on the New York Stock Exchange under the ticker symbol HR. The deal is expected to close in the third quarter of 2022.

TD Bank announced the launch of TD Home Access Mortgage, a new product designed to increase homeownership opportunities in Black and Hispanic communities across several markets within the bank’s footprint. TD Home Access Mortgage provides prospective buyers with an affordable mortgage option, including a $5,000 lender credit that does not require repayment, which borrowers can use for closing costs or toward a downpayment on a home purchase. It also offers more flexibility with a greater debt-to-income ratio and expanded underwriting requirements, as well as credit parameters that increase accessibility.

BBG announced its acquisition of Columbus, Ohio-based Crown Appraisal Group. Terms of the transaction were not disclosed. The deal is BBG’s second acquisition in 2022, and significantly expands its presence in Ohio and surrounding states. BBG named Crown Appraisal Group founder and owner Andrew Moye and owner Donald Miller II as managing directors of the new Columbus office, with 22 employees from Crown joining BBG as part of the acquisition.

Advisors Mortgage Group announced the launch of a new branch office in Tinton Falls, New Jersey, with Nick West as branch manager.

Champions Funding LLC announced its entry into the nonqualified mortgage marketplace under the leadership of CEO Evan Stone and chairwoman of the board Patty Arvielo, CEO of New American Funding. The new company is a mortgage lender with a Community Development Financial Institution (CDFI) designation from the U.S. Department of the Treasury, which is issued to specialized organizations that provide financial services to low-income and distressed communities.


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