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Wachovia to Acquire American Property Financing, Inc. Combination creates leading multifamily lender in New York City CHARLOTTE, N.C. – Wachovia Corporation announced today that it has signed a definitive agreement to acquire American Property Financing, Inc. (APF), a wholly owned subsidiary of Emigrant Bank. Terms were not disclosed. The acquisition is expected to close in the second quarter of 2006. APF, headquartered in New York City, offers a full array of fixed and variable rate multifamily loan products and has a servicing portfolio in excess of $8 billion. APF is the No. 1 ranked agency multifamily lender in the New York City area and is one of the top Fannie Mae DUS and Freddie Mac Program Plus® lenders in the U.S. Alan Wiener, chief executive officer, will continue to run APF. Wiener will co-head Wachovia's multifamily lending group along with Ed Hurley, managing director. Both will report to Brett Smith, managing director and head of mortgage origination and placement for Wachovia's Real Estate Capital Markets Group. “The addition of APF's talented professionals and top tier clients to our industry-leading commercial real estate platform enhances our financing and servicing capabilities and strengthens our presence in the attractive New York City multifamily lending market,” said Smith. “This partnership positions us for continued market share growth.” “This is a superb opportunity to align ourselves with an industry leader to enhance our array of products, increase our production and become a nationwide leader in the financing of affordable and conventional multifamily business,” said Wiener. “We are very proud of the outstanding performance of APF and our successful partnership with Alan Wiener and Art Habighorst,” said Howard P. Milstein, president and chief executive officer of New York Private Bank & Trust Corporation, the parent of Emigrant Bank. “The acquisition of APF by Wachovia recognizes this success and provides the management and employees of APF with an excellent platform for continued growth.” Wachovia is a leader in commercial real estate finance, delivering more than $67 billion in financing to the sector in 2005 and ranking #1 in loan contributions to CMBS. Wachovia services approximately $198 billion in CMBS and agency mortgages and $40 billion in portfolio loans and ranks #1 in master servicing. Wachovia was honored as “Lender of the Year” by Real Estate Finance and Investment, and “Real Estate Investment Bank of the Year” by Global Finance. Wachovia's Real Estate Capital Markets group provides permanent financing through CMBS conduit and mortgage banking, bridge loans, mezzanine financing, equity co-investing, sale-leaseback, and synthetic lease structures. Wachovia also provides M&A and private equity advisory services, public capital access and corporate debt, as well as traditional bank lending and depository services to commercial and residential real estate developers and owners. About Wachovia's Corporate and Investment Banking Group Wachovia Securities is the trade name for the corporate, investment banking, capital markets and securities research businesses of Wachovia Corporation and its subsidiaries, including Wachovia Capital Markets, LLC (WCM) and Wachovia Securities International Limited, which is authorized and regulated by The Financial Services Authority in the United Kingdom. Wachovia Securities is also the trade name for the retail brokerage businesses of WCM's affiliates, Wachovia Securities, LLC, Wachovia Securities Financial Networks, LLC, Wexford Clearing, LLC, and First Clearing, LLC. About Wachovia |
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