Extensia Financial, a credit union service organization (CUSO) focused on commercial real estate, has announced that it has a new majority shareholder: AVANA Capital.
In a statement, AVANA Capital CEO Sundip Patel said that the Arizona-based firm now holds a majority stake in Extensia. The combined company has more than a billion dollars in assets, Patel revealed.
“I’m most excited to bring these two talented lending teams together through this transaction,” he said. “AVANA and Extensia have a combined $1.3 billion in assets under management and a team that is capable of growing these assets tremendously in the coming years. Our combined team is already working hard to expand product offerings and services that will serve and benefit both credit union and borrower customers.”
Founded in 2002, AVANA Capital (part of the AVANA Companies family) is a commercial lender and asset manager specializing in niche industries including hospitality and renewable energy.
Extensia, on the other hand, has been connecting credit unions with commercial real estate brokers, commercial mortgage brokers and high net worth investors through participation lending since 1998.
AVANA Companies and Extensia Financial will remain separate and distinct entities, according to Extensia’s release.
“Since our firm’s inception we’ve focused on providing loans that make a positive impact on the communities around us,” said Sanat Patel, co-founder and head of originations at AVANA Capital. “This commitment to impact lending is tightly aligned with the values of Extensia and Extensia’s credit union partners, which are devoted to supporting local communities. We are excited to bring Extensia’s expanded suite of products to our borrower clients and to offer a larger volume and variety of quality loan investment opportunities to Extensia’s network of credit union clients.”