Crossland Mortgage Corp., the 101-year-old mortgage banking institution, will move from its present 30,000-square-foot location at 860 E. 4500 South to the former Pay 'n Pak Building at 3900 S. State, where it will have 61,000 square feet of space.
The move will be made next April, said Christopher J. Sumner, Crossland president and chief executive officer. "This move will enable us to continue our growth strategy of doubling our loan servicing production while supporting our 57 offices throughout the country," he said.The long-term lease was handled by Robert Cooper of Consolidated Realty Group, which has been marketing the building for six months. The building has been vacant for more than one year. Specifics of the lease weren't disclosed.
Last January, CMC was acquired by Kohlberg & Co. and Prudential Equity Investors, two New York-based venture capital firms in conjunction with a management buyout lead by Sumner. Crossland was founded in Logan in 1892 as Utah Mortgage Loan Corp. and later was purchased by First Security Bank of Utah.
Crossland Savings of New York purchased the firm in the mid-1980s from First Security. So far this year, Crossland's loan production is more than $4 billion and services more than 75,000 loans in 43 states, representing more than $8 billion.