Ranieri Real Estate, WL Ross to buy Deutsche Bank unit

(Reuters) - Ranieri Real Estate Partners and funds affiliated with billionaire investor Wilbur Ross' WL Ross & Co, said they agreed to acquire Deutsche Bank Berkshire Mortgage (DBBM), a unit of Deutsche Bank (DBKGn.DE), on undisclosed terms.

DBBM originates multi-family loans for Fannie Mae, Freddie Mac and the Federal Housing Administration (FHA).

It is the second-largest originator of Fannie Mae loans, servicing a $28 billion multi-family loan portfolio, the companies said in a statement.

"We expect the fundamentals of the multi-family market to continue to improve and the shifting preference toward renting over home ownership to fuel significant new demand, making DBBM a strong platform for future growth," Jon Vaccaro, chief executive of Ranieri Real Estate Partners LP, said.

Ranieri Real Estate Partners LP is part of Ranieri Partners that was founded by mortgage veteran Lewis Ranieri -- considered one of the fathers of the mortgage bond market and was immortalized in author Michael Lewis' book "Liars Poker."

Jeff Day will remain as CEO at Deutsche Bank Berkshire Mortgage, with the current management team and staff expected to remain with the company.

The acquisition is expected to be completed by the end of this year.

(Reporting by Brenton Cordeiro in Bangalore; Editing by Joyjeet Das)