Wachovia Corp. has agreed to buy the multifamily lender American Property Financing Inc. from Emigrant Bank in the latest in a string of deals by the Charlotte banking company for such lenders that work with Fannie Mae and Freddie Mac.
Wachovia, which has $542 billion of assets, did not disclose the price of the deal, which it announced Tuesday and expects to close this quarter.
American Property, which is based in New York, has a servicing portfolio of more than $8 billion, Wachovia said in a press release. It is one of the biggest multifamily lenders based on the loans it delivers to the government-sponsored enterprises, and is the top agency multifamily lender in New York City, Wachovia said.
Alan Wiener, American Property's chief executive, will continue to run it and become the co-head of Wachovia Securities' multifamily lending group. The other co-head is Ed Hurley, a Wachovia managing director.
