Blackstone to acquire O.C. lender

Equity investment firm Blackstone struck a deal to buy a majority interest in Stearns Holdings LLC, a Santa Ana-based mortgage lender, the companies announced.

Stearns founder Glenn Stearns, who will retain partial ownership in the firm, said the acquisition “will provide us with the resources … to increase profitable market share growth.”

Headquartered in the Hutton Center along the 55 freeway, the 26-year-old company reported that it issued nearly 188,000 mortgages worth $ 46 billion in the four years ending in 2014. The acquisition is expected to close at the end of this year.

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