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Stonegate Mortgage acquires Florida firm

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Indianapolis-based Stonegate Mortgage Corp. has entered the Florida market with its acquisition of NattyMac LLC from New York-based Guggenheim Partners.

Terms of the deal, announced Wednesday, were not disclosed.

As part of the agreement, NattyMac’s chief operating officer and 20 employees will join Stonegate and maintain the firm’s St. Petersburg office. In addition, Stonegate plans to open a regional operations center within the office to handle additional loan volume.

Founded in 2004, NattyMac is an independent mortgage warehouse lender that finances prime mortgage collateral such as government-insured or guaranteed loans.

Stonegate was founded in 2005 and was based in Fishers before moving its headquarters last year to The Precedent office park near Keystone Avenue and East 96th Street in Indianapolis to accommodate a planned expansion.

In December 2010, Stonegate pledged to hire 300 workers by 2015 in return for tax abatements from Indianapolis and conditional tax credits from the state.

With $23.7 million in revenue at the end of 2011, the firm was ranked as the ninth-fastest growing company in the Indianapolis area, according to IBJ statistics. Its revenue grew 191 percent from 2009 to 2011.

In March, Stonegate received a $25 million private-equity investment from New York-based Long Ridge Equity Partners.

Besides Indiana and Florida, Stonegate has offices in Kansas, Kentucky, Missouri, Ohio and Tennessee.
 

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  1. It is nice and all that the developer grew up here and lives here, but do you think a company that builds and rehabs cottage-style homes has the chops to develop $150 Million of office, retail, and residential? I'm guessing they will quickly be over their skis and begging the city for even more help... This project should occur organically and be developed by those that can handle the size and scope of something like this as several other posters have mentioned.

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