2008 CPN Goldbook - (Page 46) FINANCIAL SERVICES GIANTS Wachovia Corp. W achovia Corp. delivered more than $100 billion in financing to the global commercial real estate sector in 2007 and consistently ranks among the top firms in loan contributions to the U.S. CMBS market. The bank services more than 21,000 loans valued at over $291 billion in CMBS balances. In 2007, Wachovia combined its real estate capital markets, real estate financial services and real estate investment banking groups. The integrated domestic real estate platform is intended to provide seamless service to commercial real estate clients through two primary business lines: the Americas and asset management. Lawrence Gray and Robert Verrone were named co-heads of the Americas, which includes coverage teams for all domestic clients—including public and privately owned real estate operators, home builders and gaming companies—CMBS, structured finance, real estate corporate banking, tax-credit and agency finance, real estate syndications and real estate collateralized debt obligation sales and trading. Leslie Fairbanks and Dan Sullivan were named co-heads of the asset management group, which includes the CMBS- servicing operation, construction-loan underwriting and construction-loan portfolio management. Wachovia’s commercial real estate businesses provide permanent financing through CMBS conduit and mortgage banking, bridge loans, mezzanine financing, equity co-investing, sale-leasebacks and synthetic lease structures. Wachovia also provides merger-and-acquisition and private equity advisory services, public capital access and corporate debt, as well as traditional bank lending and depository services for commercial and residential real estate developers and owners. Charlotte, N.C.-based Wachovia offers commercial real estate financing through its corporate and investment banking group. The investment banking and global markets businesses— fixed income and equities—operate under the Wachovia Securities brand and have become a global force in the capital markets by providing comprehensive advisory, capital-raising, structuring, research and execution services. Wachovia Securities is a leading capital provider and advisor in the U.S. commercial real estate sector. It serves clients through more than 30 U.S. offices, as well as locations in Europe and Asia. Washington Mutual Inc. W ashington Mutual Inc.’s commercial group provides construction, rehabilitation and term financing to multifamily, office, retail and industrial owners and investors. The bank also provides deposit products and cash-management services to companies across the country. An affiliated entity, WaMu 1031 Exchange, provides tax-deferred exchange services. The bank’s term-lending division finances stabilized industrial, retail, mixed-use and office ALFRED BROOKS properties, as well as apartment President-Commercial Group Washington Mutual Inc. buildings that have five or more units in major U.S. markets. Clients include owners and investors that need $100,000 to $25 million or even more in financing. Since 2001, Washington Mutual has more than tripled its average apartmentloan-origination volume to almost $800 million per month and increased its multi-family-loan portfolio to $30.2 billion, ranking the bank as one of the largest financial institutions nationally that are holders of multi-family loans. The commercial real estate lending division provides permanent loans starting at $10 million and construction, rehabilitation and bridge loans on industrial, office, retail and multi-family properties in major U.S. markets. It will also consider larger loans on a syndicated basis. In addition to its lending operations, the commercial group provides a complete range of deposit and Treasury-management services through its commercial deposit-services division. These services help commercial clients manage their payments, collections, receipts, Treasury needs, online banking, fraud protection and other needs. Washington Mutual’s loan volume remained strong in 2007, up 31 percent to almost $17 billion, with ED ELY growth in both multi-family and Divisional ExecutiveCommercial Term Lending non-residential lending. The comWashington Mutual Inc. pany’s 2006 acquisition of Commercial Capital BanCorp and entry into new markets drove this year’s growth. The bank believes that its commercial real estate lending continues to benefit from its multi-family business. Washington Mutual and its subsidiaries have $328 billion worth of assets and operate more than 2,500 retail banking, mortgage lending, commercial banking and financial services offices. 46 Commercial Property News 2008 Goldbook
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