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Pinnacle provided a $42.6 million CMBS loan for The Shops at Boardman Park.

CLEVELAND, OH–Marcus & Millichap has closed on its previously-announced acquisition of the locally-based Pinnacle Financial Group. Formed in 1990, Pinnacle is one of the largest independently owned financing companies in the Midwest. With the acquisition complete, Pinnacle’s 17-person team will be incorporated into the mortgage brokerage operations of Marcus & Millichap Capital Corp. in that region.

Pinnacle will fill a service gap in key areas of the Midwest, President and CEO Hessam Nadji said in a prepared statement when the deal was first announced in May. Pinnacle provides bridge loans, mezzanine financing and construction loans and it has a sizable mortgage servicing portfolio as well as relationships with life insurance companies and CMBS lenders, Nadji also said.

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Erika Morphy

Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.

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