PRESS RELEASES

• Starrett Lehigh Building: a $208,000,000 loan for 601 West Associates LLC to fund the refinancing of the Starrett Lehigh Building, a 20-story landmark loft office building containing approximately 2,316,965 rentable square feet
• Chelsea Market: a $155,000,000 loan for Angelo, Gordon & Co., Belvedere Capital and Irwin Cohen to fund the refinancing of Chelsea Market, a 1.2 million square feet office building
• Empire Hotel: a $65,000,000 loan amount for Northstar Capital Investment Corporation and Ian Schrager Hotels LLC to fund the refinancing of the Empire Hotel, a full-service hotel located in midtown Manhattan

“These superior transactions represent the momentum we have in the New York marketplace,” said Patrick Cirello, senior sales manager for commercial mortgage origination. “We are excited to have completed this financing in such a tough market environment. These transactions illustrate our ability to provide financing to our clients in a timely manner.”

Wachovia 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. Lastly, Wachovia's Real Estate Corporate Finance team provides corporate finance and advisory services, including equity research coverage on over 50 public real estate companies, as well as debt capital markets products and services to public real estate clients.

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 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: Wachovia 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.

Wachovia 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.