L.J. Melody and GE Capital form loan servicing partnership

HOUSTON — Two companies are better than one, according to L.J. Melody & Co., a CB Richard Ellis company and GE Capital Real Estate, a division of GE Capital. For this reason, L.J. Melody and GE Capital Real Estate have consolidated their loan servicing operations into a single limited partnership, to be called GEMSA Loan Services LP.

The loan servicing partnership went into effect this month. Managing daily operations will be GEMSA’s CEO, Joseph Beggins, formerly CEO of GE Capital Loan Services Inc., which was merged into the new partnership. Robert Vestewig, managing director of Melody’s Loan Servicing Group, is serving as the COO. No significant staffing changes are anticipated as a result of this transaction. L.J. Melody’s six regional servicing offices will continue operations as part of GEMSA.

GEMSA Loan Services starts out as the third largest commercial mortgage loan servicer in the country, based on the Mortgage Bankers Association’s year-end 2000 figures. The partnership’s servicing portfolio includes 7,000 loans, with a balance of more than $50 billion. GEMSA is rated as a CMBS Master Servicer and Primary Servicer.

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