Jones Lang LaSalle

Wachovia to Buy American Property
Tuesday April 25, 11:16 am ET
Wachovia Plans to Acquire Commercial Real Estate Lender American Property Financing

CHARLOTTE, N.C. (AP) -- Financial services provider Wachovia Corp. said Tuesday it plans to acquire American Property Financing Inc., a subsidiary of Emigrant Bank.
Terms were not disclosed.

New York-based American Property has a multifamily loan portfolio of more than $8 billion and is a top Fannie Mae and Freddie Mac lender. Multifamily loans provide financing for apartment buildings and other dwellings for more than one family.

Wachovia expects the deal to close in the second quarter.

American Property chief executive Alan Wiener will stay on and will head Wachovia's multifamily lending business with managing director Ed Hurley.

Wachovia provided more than $67 billion in commercial mortgages last year. It also services about $198 billion in commercial mortgage-backed securities and agency mortgages and $40 billion in portfolio loans.