Reverse Mortgage Investment Trust, the real estate investment trust that recently acquired lender Reverse Mortgage Funding, is laying roots in Bloomfield, New Jersey, according to commercial real estate services firm Colliers International.
Colliers has arranged a long term lease for the company for more than 16,000 square feet of space that will serve as the company’s first consolidated headquarters.
RMIT, along with RMF, has been based in New York and New Jersey since its inception, but the headquarters is anticipated to house 50 employees once underway.
“This Class A space is a great fit for the growing firm, which will have more than 50 employees stationed here,” Richard J. Madison, a Colliers executive managing director, said in a press release. “In addition to the building’s prime location and easy access to the Garden State Parkway, Route 3 and Route 46, this space was highly appealing to the tenant as it had undergone an above-standard, high-end build out by the previous tenant.”
RMIT raised $230 million in private funding to acquire Reverse Mortgage Funding, and has stated plans to grow including the hire of close to 50 new retail agents by year-end.
Written by Elizabeth Ecker