Another one of Ralph Herzka’s top dealmakers is jumping ship as his Meridian Capital Group deals with the fallout from being blacklisted by agency lenders.
Tal Savariego is leaving Herzka’s brokerage to join Rob Verrone’s workout firm Iron Hound Management, sources told The Real Deal. Savariego, who has been at Meridian for nearly 20 years, is one of the company’s top producers. His bio says he’s closed $10 billion worth of transactions during his tenure.
Savariego declined to comment, as did representatives for Meridian and Iron Hound.
His departure comes after brokers Adam Hakim and James Murad left Meridian for Ripco earlier this month, Commercial Observer reported.
Meridian has been unable to broker any mortgages that will be sold to Fannie Mae and Freddie Mac since the agencies blacklisted the company several months ago amid an investigation into allegations that Meridian brokers inflated the sale prices of some properties to receive larger loans.
Those agency deals were a huge part of Meridian’s business, and sources said the company has been referring those deals out to other brokerages.
Last month Meridian hired a new CEO — Brian Brooks, who formerly served as general counsel at Fannie Mae — to repair the relationship with the agencies. The company also added former Fannie Mae executive committee member Andrew Bon Salle and Sabal Capital Partners founder Pat Jackson to its board.
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Herkza recently tried to rally support for his company at a conference in suburban New Jersey.
“I’m asking everyone if you are a client to stick with us, we will get your deals done,” Herzka said in conversation with RXR’s Charlie Harary at ReDeal’s April event. “If you are not a client, it is your time to become a client. We will do everything in our power to make you happy.”