PNC Bank Corp. said Wednesday that it would buy Midland Loan Services LP, a Kansas City, Mo., commercial mortgage specialist.
Terms of the agreement were not disclosed. The transaction is expected to close in the second quarter.
Midland was the largest servicer of commercial mortgage-backed securities in 1997, with a servicing portfolio of approximately $24 billion. It also originates commercial real estate loans for securitization.
Thomas H. O'Brien, chairman and chief executive officer of Pittsburgh- based PNC, said the deal would allow the bank to "transform a traditional lending business into a fully integrated real estate financial services company."
Alan L. Atterbury, president and chief executive officer of Midland, will report to Bruce E. Robbins, chief executive officer of PNC's secured lending line of business, which includes real estate banking.