Sacramento, California (PressExposure) July 19, 2013 -- The Sacramento Area Commerce and Trade Organization (SACTO) is pleased to announce that PennyMac Mortgage Investment Trust, a publicly traded company headquartered in Southern California, has signed a five-year lease for 26,384 square feet at PS Business Park in Sacramento County. The Sacramento office will employ 200 residential mortgage professionals and will result in an estimated economic impact of over $133 million to the Sacramento Region.
The company invests primarily in residential mortgage loans and mortgage-related assets and is externally managed by PNMAC Capital Management, LLC, a wholly owned subsidiary of Private National Mortgage Acceptance Company, LLC. The Sacramento office will expand the company's reach into the Northern California marketplace and will allow it to tap into the area's skilled workforce.
"We are pleased to welcome PennyMac to the Sacramento Region. Their decision is yet another sign of the long anticipated recovery in the housing market and the region's overall economic health," said David Parkes, Chair of SACTO's Board of Directors.
"PennyMac sees tremendous opportunity in the Sacramento market and looks forward to a long and successful tenure here," said PennyMac Managing Director Patrick Benton.
The project enlisted the assistance of many partners at both the state and local levels. SACTO would especially like to thank the Governor's Office of Business and Economic Development (GO-Biz), the California Employment Training Panel, Sacramento County, and the Sacramento Employment and Training Agency (SETA) for their support throughout the location process. Additionally, PennyMac was represented by Jon Walker of Voit Real Estate and Steve Eyler with Travelers Realty.