EverBank To Spend $2.5B For GE Capital Real Estate Loan Biz

Law360, Chicago (July 2, 2012, 2:33 PM EDT) -- EverBank Financial Corp. has inked a deal to acquire GE Capital Corp.'s Business Property Lending Inc. unit, which originates and services commercial real estate loans for small and medium-size businesses, for $2.51 billion in cash, the buyer said Monday.

Jacksonville, Fla.-based EverBank, which recently went public, said the deal includes roughly $2.44 billion of performing commercial loans, servicing rights on $3.1 billion of loans securitized by GE Capital, 108 of the company's employees and Business Property's origination and servicing platforms.

EverBank will not assume any debt...
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