Blackstone Acquires Majority Stake in Nonbank Lender Stearns

Blackstone Group has acquired a majority stake in the parent company of nonbank mortgage lender Stearns Lending.

The companies did not disclose financial terms of Blackstone's investment in Stearns Holdings. The transaction is expected to close by Dec. 31.

The New York private equity firm will provide financial backing to Stearns to help it accelerate growth and expand market share, Chinh Chu, a senior managing director at Blackstone, said in a news release.

Stearns Lending in Santa Ana, Calif., provides wholesale, retail and correspondent lending.

JPMorgan Chase is financial adviser to Stearns. Bank of America Merrill Lynch is adviser to Blackstone.

Andy Peters

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