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October 04, 2001
First Union Securities Expands Real Estate and CMBS Research Group
CHARLOTTE--First Union Securities, a top five lender in commercial real estate, announced today that Davis Cable has joined its real estate and CMBS Research group as senior vice president. Cable will report to Brian Lancaster, managing director and head of the group. Cable will be primarily responsible for analyzing the risks and opportunities in commercial real estate, which will be applied across First Union's overall real estate businesses.
“Davis brings to our team significant depth and breadth of commercial real estate knowledge creating a partnership second to none in real estate and CMBS research,” said Lancaster. “Davis has 18 years of experience in real estate market analysis, modeling, valuation, forecasting, and credit risk reporting. Because he worked as a senior vice president in Real Estate Credit Risk Strategies at First Union Securities, his strong relationship with senior bank officers will further strengthen ties across First Union’s many real estate businesses.”
Cable has held a number of positions at First Union including manager of Real Estate Research. Prior to joining First Union, Davis was the president of Allen and Cable, a firm specializing in the appraisal and analysis of commercial, industrial, apartment and special-use real estate. He holds both the MAI and Counselors of Real Estate (CRE) designations.
First Union is one of the largest capital providers and advisors to the commercial real estate industry. With over 700 professionals dedicated to commercial real estate, First Union delivered over $14 billion in capital to the industry last year. In addition to construction and development lending, First Union is one of the nation’s leading providers of permanent loans through its CMBS conduit and mortgage banking groups. First Union’s servicing group provides master, primary and special servicing for investors and capital markets structured commercial, residential and asset-backed transactions. First Union also provides bridge loans, mezzanine financing, equity co-investing, sale-leasebacks as equity principal, synthetic leasing, and 1031 exchange services. First Union’s tax credit group has invested over $1 billion in equity for the development of more than 30,000 moderate-income housing units nationwide. Lastly, First Union’s Real Estate Investment Banking team provides corporate finance and advisory services, including equity research coverage on over 50 public real estate companies.
Wachovia Corporation, created through the September 1, 2001, merger of First Union Corporation and Wachovia Corporation, with pro forma assets of $322 billion as of June 30, 2001, is a leading provider of financial services to 19 million retail and corporate customers throughout the East Coast and nation. The company operates full-service banking offices under the First Union and Wachovia names in 11 East coast states and Washington, D.C., and offers full-service brokerage with offices in 47 states and global services through more than 30 international offices.
Important Notice: First Union Securities is the trade name under which Charlotte based Wachovia Corporation conducts its investment banking, merger and acquisition, asset management and mutual fund, brokerage and insurance businesses.
First Union Securities includes: (1) First Union Securities, Inc. (“FUSI”), a registered broker-dealer and member NYSE/NASD and SIPC providing investment banking, merger and acquisition advisory and brokerage services to corporations, individuals and other institutions throughout the United States; (2) First Clearing Corporation (“FCC”), a separately registered broker-dealer and member NYSE/NASD and SIPC, providing securities clearance and settlement services; (3) First Union Securities Financial Network Inc., a separately registered broker-dealer and member of the NASD and SIPC providing full-service brokerage services; (4) Wachovia Securities Inc., a separately registered broker-dealer and member of the NYSE-NASD and SIPC providing full-service brokerage services; (5) the institutional divisions of Wachovia Bank, N.A. (WBNA); (6) the Corporate and Investment Bank and Capital Management Group within First Union National Bank (“FUNB”), a national banking association, and its subsidiaries, providing asset management, lending, structured finance, risk management, derivatives, and fiduciary services to institutions and individuals; (7) various subsidiaries within Wachovia Corporation providing investment advisory, administrative and other services to the Evergreen and Mentor families of mutual funds; and (8) various wholly-owned state insurance agencies.
Stocks, bonds, mutual funds or other securities offered or sold through Wachovia Corporation or any of its bank or non-bank subsidiaries are not deposits of any bank and are not insured, guaranteed or otherwise protected by the Federal Deposit Insurance Corporation or any other government agency; are not endorsed or guaranteed by Wachovia Corporation, FUNB, WBNA, or any bank; and involve investment risk, including possible loss of principal.
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