Capstone Realty Advisors - Commercial

Capstone Realty Advisors apparently ceased operating on 2009-07-31. The following message is now displayed on the web site:

"As of July 31, 2009, the Capstone organization is no longer in operation. Capstone's servicing portfolio has been transferred to PNC Real Estate Finance. Notification letters regarding the transfer were mailed to your billing address. If you have a question about your loan or the servicing transfer, please contact Customer Service at the number provided in that communication."

Original Ailing Post - 2009-04-28: Cleveland, OH based Capstone Realty Advisors could be the next legacy business unit of National City Corp. to be shut down as PNC moves forward with its restructuring efforts according to a report by National Mortgage News:

"According to Fred Solomon, a spokesman for PNC, the decision to close Capstone was due in part to the current economic landscape. "We determined Capstone did not align with PNC's core business model," he said. Capstone's existing loans in its portfolio will be reassigned to various departments and subsidiary companies of PNC that are the most well-equipped to handle the loans."

Capstone Realty Advisors became the commercial mortgage unit of Pittsburgh, PA based PNC Financial Services Group when PNC completed its acquisition of National City on 2008-12-31. The company "ranked among the top 20 Financial Intermediaries," with 2007 originations of $1.9 billion and a servicing portfolio that had grown to $9 billion at the end of that year. From their web site:

"Capstone focuses on the placement of debt and equity investment opportunities with institutional investors including insurance companies, pension funds, Freddie Mac, FHA, RHS, and Wall Street conduits interested in high-quality investment opportunities."

No date was given for the closure, and Mr. Solomon was not available for comment when we called. Capstone Realty Advisors employs 14 Loan Officers in six midwest offices including Cleveland, Columbus, Lexington, Louisville, Pittsburgh and St. Louis.

We will update this listing as more details become available. In the meantime, if you hear of them not accepting applications let us know. As always, feel free to post your comments below.