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January 28, 2002
Wachovia Securities Announces Top Servicing Ranking
Real Estate Capital Markets Group ranks #1 CMBS master servicer
Charlotte, N.C. - Wachovia Securities Real Estate Capital Markets Group has received a #1 ranking among CMBS Master Servicers for 2001. Wachovia was named master servicer on 19 deals totaling $12.5 billion, or 18.7% of the contracts awarded last year.
“Our growth in both master- and special-servicing volume has been outstanding,” said John Church, managing director of Structured Product Services for Wachovia Securities’ Real Estate Capital Markets Group. “Our new master-servicing business doubled over last year, and our special-servicing contracts increased over 400 percent. We’re showing great momentum.”
"By establishing new alliances and strengthening existing relationships, we have dramatically grown our servicing business,” said Bill Green, head of Wachovia’s Real Estate Capital Markets Group. “I am extremely proud of our group and look forward to even greater growth for 2002.”
“This brings our commercial servicing portfolio to over $60 billion,” said Tim Ryan, director of client relationship management for Structured Product Services. “We have had an outstanding year and will continue to look for ways to serve the needs of our clients.”
Wachovia also achieved top marks for special servicing ranking third with $7.7 billion in contracts behind GMAC and Lennar Partners.
Wachovia Securities Real Estate Capital Markets group is one of the largest capital providers and advisors to the commercial real estate industry. With over 700 professionals dedicated to commercial real estate, Wachovia delivered over $14 billion in capital to the industry last year. In addition to construction and development lending, Wachovia is one of the nation’s leading providers of permanent loans through its CMBS conduit and mortgage banking groups. Wachovia’s servicing group provides master, primary and special servicing for investors and capital markets structured commercial, residential and asset-backed transactions. Wachovia also provides bridge loans, mezzanine financing, equity co-investing, sale-leasebacks as equity principal, synthetic leasing, and 1031 exchange services. Wachovia’s tax credit group has invested over $1 billion in equity for the development of more than 30,000 moderate-income housing units nationwide.
Wachovia Corporation (NYSE:WB), created through the September 1, 2001, merger of First Union and Wachovia, had assets of $330 billion at December 31 and $28 billion in stockholders' equity. Wachovia is a leading provider of financial services throughout the East Coast and the 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 49 states and global services through more than 30 international offices. Online banking and brokerage products and services are available through wachovia.com and firstunion.com.
Important Notice: Wachovia Securities is the trade name under which Wachovia Corporation conducts its investment banking, capital markets and institutional securities business through First Union Securities, Inc. (“FUSI”), Member NYSE, NASD, SIPC, and through other bank and non-bank and broker-dealer subsidiaries of Wachovia Corporation, including Wachovia Bank NA and First Union National Bank.
First Union Securities is the trade name under which Wachovia Corporation conducts its asset management and mutual fund, brokerage and insurance businesses through: (1) First Union Securities, Inc. (“FUSI”), a registered broker-dealer and member NYSE/NASD and SIPC; (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) the Capital Management Group within First Union National Bank (“FUNB”), a national banking association, and its subsidiaries, providing asset management, lending, and fiduciary services; (5) various subsidiaries within Wachovia Corporation providing investment advisory, administrative and other services to the Evergreen and Mentor families of mutual funds; and (6) 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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