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First Union Real Estate Capital Markets Increases California Presence With New Offices In Los Angeles And San Francisco CHARLOTTE-To better service its growing California real estate financing business, First Union Real Estate Capital Markets, a division of First Union Capital Markets, has opened offices in Los Angeles and San Francisco to accompany an existing office in Irvine, Calif., that opened in 1997. First Union also has appointed vice presidents/regional sales managers with extensive California real estate experience for the new offices as well as for the Irvine office. "First Union's products and its delivery system are gaining attention on the West Coast and consequently our West Coast business has increased considerably in the last two years," said Steve Jones, managing director, client management, First Union Real Estate Capital Markets. "The opening of new offices and addition of top professionals in California is evidence of our commitment to responsive services in the region." Conduit lending and commercial mortgage backed securitization (CMBS) has become a core business for First Union in serving its real estate clients nationwide. As of June, First Union had closed approximately $150 million in commercial, multi-family and credit tenant lease project financing on the West Coast for 1998. First Union's conduit/CMBS operation has closed and securitized more than $800 million in loans on the West Coast and other contiguous western states in the past four years. Projects financed include: Potrero Center in San Francisco, Antelope Mall in Palmdale, Calif., Red Roof Inns in Los Angeles and Orange Counties and Palm Tree Plaza in Oceanside, Calif. San Francisco William Whalen has been named vice president and regional sales manager for First Union Real Estate Capital Markets' San Francisco office located in the Stewart Towers at One Market Plaza. Whalen came to First Union from Wells Fargo, where he served as a vice president responsible for originating, underwriting and negotiating commercial real estate mortgages intended for securitization. Whalen also served in various capacities at First Interstate Bank of California. Los Angeles Ian Williams has been appointed vice president and regional sales manager for First Union Real Estate Capital Markets' Los Angeles office located at 333 S. Grand Avenue in downtown Los Angeles. Before joining First Union, Williams served as district manager for GE Capital Commercial Real Estate Finance where his duties encompassed developing and executing regional origination strategies. Williams' previous experience included positions with National Bank of Canada's Los Angeles office, Champs Food Systems and Coopers & Lybrand. Irvine Mark Osgood has been named vice president and regional sales manager for First Union Real Estate Capital Markets' Irvine, Calif., office, located at 18300 Von Karman Avenue in Irvine. Osgood previously served as a vice president in Wells Fargo's real estate group and in various commercial real estate capacities with Security Pacific Bankcorp. First Union's commercial real estate finance area has closed over $6 billion in product since 1994 and almost $2 billion through the first half of 1998. Overall, First Union's Capital Markets Group reported 1997 fee income of $802 million, up from $509 million in 1996 and $265 million in 1995. Fee income through the first quarter of 1998 rose to $255 million, $95 million more than for the same period in 1997. First Union Capital Markets is a division of Wheat First Securities, Inc., a separate, broker-dealer, non-bank affiliate of First Union Corp. (NYSE: FTU). Wheat First Securities, Inc., a member of the New York Stock Exchange, Inc. and the Securities Investor Protection Corp., provides a full range of investment banking products and services including asset-backed finance, public finance, syndicated loans, merger and acquisition advisory, private finance, equity underwriting and investment grade and high-yield debt finance. Charlotte-based First Union Corp. is the nation's sixth-largest bank holding company with assets of about $229 billion. The company serves approximately 16 million customers throughout the East Coast and nation. --END-- |
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