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Roundup: Wachovia Strengthens Multifamily Presence.(Wachovia Bank)
Wachovia Bank has acquired Lend Lease Mortgage Capital in a $42.5 million deal that will strengthen Wachovia's presence in the multifamily lending and servicing arena.
The acquisition gives Wachovia a servicing presence in the Fannie Mae, Freddie Mac and Department of Housing and Urban Development's FHA-insured lending programs.
Wachovia's origination activities targeting multifamily project developers and property owners are also expected to grow through the acquisition.
Steve Jones, managing director, strategic investments, Wachovia's real estate capital markets unit, said, "The assets and the strong team from Lend Lease, combined with our recent acquisition of AMI Capital, give us scale in multifamily mortgage servicing.
"These deals also round out the product offerings for our clients, and will enable us to significantly increase origination volumes in the multifamily sector."
And Ed Hurley, a principal with Lend Lease Mortgage Capital expects that the acquisition will make Lend Lease Mortgage Capital "even more meaningful to our clients - and to Fannie Mae, Freddie Mac and other real estate investors."
A Wachovia ...
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- Press release article from: Business Wire December 8, 1999 700+ words
...BUSINESS WIRE)--Dec. 8, 1999-- Lend Lease Real Estate Investments, Inc., the U.S. subsidiary of Lend Lease Corporation Limited (ASX: LLC...The US$257.5 million cost to Lend Lease comprises a US$222.5 million cash...
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Lend Lease is pleased to announce that, effective...to Chief Executive Officer for Bovis Lend Lease Americas. (Photo: http://www...has over 25 years experience with Bovis Lend Lease, most recently as Chief Operating Officer...
Source: HighBeam Research, Roundup: Wachovia Strengthens Multifamily Presence.(Wachovia Bank)