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New York-LJ Melody & Co., Houston, has purchased Eberhardt Co., Minneapolis, its fifth acquisition since early 1998. Eberhardt was founded by the late Walter Nelson, and most recently was under the leadership of his son Jim. Both Nelsons are past presidents of the Mortgage Bankers Association of America. The deal will give Melody 29 offices nationwide. A pair of Eberhardt offices, in Phoenix and Denver, will be merged into Melody offices in those cities. Melody is a subsidiary of CB Richard Ellis, Los Angeles.
Eberhardt had loan production of $665 million in 1998, and has a loan servicing portfolio of $1.4 billion.
The deal brings Melody's servicing portfolio up to $14 billion. Last year Melody had $7 billion in servicing.
Jim Nelson said "consolidation has accelerated in our industry in the past few years and we recognized the need to associate ourselves with a company that has a national platform. national borrower and lender relationships and the capital...