Wachovia Acquires U.S. Commercial Operations of Australian Real Estate Giant
Lend Lease acquisition $41.6 million December 19, 2003 By MortgageDaily.com staff |
Wachovia Bank N.A. announced that its multifamily unit has acquired the U.S.-based commercial mortgage lending division of Lend Lease Corp. Ltd.
Wachovia Multifamily Capital Inc. has acquired Lend Lease Mortgage Capital (LLMC) for approximately $41.6 million, although its book value was $38 million, said Lend Lease. The sale included the transfer of loans in progress, which totaled $139 million at June’s end. Additionally, Wachovia said about 51 LLMC employees were included with the transfer. “The assets and the strong team from Lend Lease, combined with our recent acquisition of AMI Capital, give us scale in multifamily mortgage servicing,” said Steve Jones, a Wachovia managing director, in a statement. The company announced its acquisition of AMI in late November. With AMI and LLMC included the company’s commercial volume stands at $4 billion, said a Wachovia spokesman. The North Carolina-based company, which says it is one of the top three real estate lenders in the country, plans to integrate the acquired companies’ operations into its commercial real estate finance platform over the next few months. Acknowledging Wachovia’s strong finance platform, Ed Hurley, a principal of the subsidiary purchased from the Australian-based international real estate services and investment company, said in the announcement, “this combination will make us even more meaningful to our clients — and to Fannie Mae, Freddie Mac and other real estate investors.“ Hurley is one of the employees who joined Wachovia. |
FREE CALCULATORS TO HELP YOU SUCCEED
Tools for Your Next Big Decision.
Amortization Calculator
Affordability Calculator
Mortgage Calculator
Refinance Calculator
FHA Mortgage Calculator
VA Mortgage Calculator
Real Estate Calculator
Tags
Pre-Approval Resources!
Making well educated decions in a matter of minutes and stay up to date on the latest news Mortgage Daily has to offer. Read our latest articles to stay up to date on what’s going on…
Resource Center
Since 1998, Mortgage Daily has helped millions of people such as yourself navigate the complicated hurdles of the mortgage industry. See our popular topics below, search our website. With over 300,000 articles, we are guaranteed to have something for you.
TOP SEARCHED TOPICS
Your mortgages approval starts here.
Add 1-2 sentence here. Add 1-2 sentence here. Add 1-2 sentence here. Add 1-2 sentence here. Add 1-2 sentence here.
Stay Up To Date with Today’s Latest Rates
Mortgage
Today’s rates starting at
Home Refinance
Today’s rates starting at
Home Equity
Today’s rates starting at
HELOC
Today’s rates starting at