MERGERS AND ACQUISITIONS
Two Harbors Investment Corp., Minnetonka, said that its subsidiary, Matrix Financial Services Corp., has agreed to acquire a bulk pool of mortgage servicing rights (MSRs) from Flagstar Bank, a subsidiary of Flagstar Bancorp Inc. Under the agreement, Flagstar will sell to Matrix the MSRs on residential mortgage loans having an aggregate unpaid principal balance of about $40.7 billion, for the purchase price of about $500 million. The underlying pool of mortgage loans is composed of Fannie Mae and Ginnie Mae loans, originated primarily after 2010. The acquisition is expected to close on or about Dec. 31. The parties have also entered into a subservicing agreement under which Flagstar will act as the subservicer of the mortgage loans underlying the MSRs.
NEW BUSINESS
Polaris Industries Inc., Medina, has formed a strategic partnership with Ariens Co., Brillion, Wis., a manufacturer of outdoor power equipment, including snowblowers and lawn mowers. The partnership includes supplying Ariens with a highly differentiated work vehicle. Branded Gravely, the vehicle will have different performance and styling characteristics for Gravely's work-focused end users.
Ecumen, Shoreview, opened Heritage at Irene Woods, a senior housing community in Memphis, Tenn., on Dec. 14. Ecumen developed the 140-unit apartment complex for Michigan-based Edward Rose & Sons.
