CarVal Investors, a global alternative investment manager, announced that funds managed by CarVal have established Mill City Loans, a mortgage conduit with a focus on building lasting relationships with originator partners in the acquisition of residential mortgage assets across multiple strategies.
Mill City Loans is strategically focused on liquidity, technology, relationships and experience to deliver high-quality service to clients.
Mill City Loans will be led by an experienced executive team comprised of mortgage veterans Trey Jordan, Mike Petersen and Kent Usell. Jordan comes to Mill City from New York Mortgage Trust, Inc. where he served as General Counsel. Petersen is a seasoned mortgage industry executive who most recently served at TCF Bank where he led the team responsible for capital markets, secondary marketing and management of the mortgage loan portfolio. Usell is a mortgage and investment banking industry leader, with leadership experience at several firms, including New York Mortgage Trust, Inc. and Oak Hill Advisors, L.P.
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“We are excited to launch Mill City Loans on this groundbreaking new venture,” said Dave Pelka, Principal at CarVal Investors. “CarVal has invested over $24 billion in nearly 2,000 loan portfolio transactions globally. We have also issued more than 40 securitizations since 2014 and our firm has nearly three decades of experience buying, selling and securitizing residential loans in the U.S. and Europe. We are always looking to partner with experienced management teams with the ability to capitalize on unique opportunities, and we are particularly excited about the addition of Mill City Loans to our portfolio.”
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“We are pleased to be working with CarVal Investors who is an industry expert in our markets,” said Mike Petersen, member of the Executive Team at Mill City Loans. “Together, we bring deep industry experience and a unique new product offering to the mortgage market which we expect will grow substantially in the years to come.”
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