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April 28, 2006
Wachovia Agrees to Buy American Property Financing
Wachovia Corp., as it continues to diversify its loan portfolio outside of the Southeast, has agreed to purchase New York's American Property Financing--which focuses on apartment owners and developers. The deal with New York Private Bank & Trust Corp. allows Charlotte, N.C.-based Wachovia to build up a commercial real estate lending presence in New York, as it takes over more than $8 billion in fixed and variable-rate multifamily loans. "It’s the largest single market in the country, and tends to have relatively low volatility," says Ed Hurley--head of the multifamily lending group at Wachovia, which services about $198 billion in collateralized mortgage-backed securities and agency mortgages and $40 billion in loans. The purchase follows the December acquisition of San Diego-based AmNet Mortgage Inc., which has a network of 7,000 mortgage brokers across the country.
Posted by S. Germain at April 28, 2006 09:36 AM