Cleveland-based originator of commercial real estate loans. The price was not disclosed.
The company, Capstone Realty Advisors, generated more than $400 million of loans in 1998 and services about $1.3 billion worth. It would retain its name as a subsidiary of $8.5 billion-asset Provident.
"Capstone is the premier Ohio company when it comes to the placement of debt and equity investment opportunities," said Rodger Davis, Provident's executive vice president of commercial products administration.
The Capstone deal is Provident's second move into the commercial mortgage industry this year. In March it created Provident Capital Funding, an Atlanta-based division that specializes in the origination and securitization of commercial real estate loans nationwide. -- Craig Woker