Wells Fargo ramps up CMBS business

New York /
Aug.August 24, 2010 09:00 AM

Wells Fargo is shoring up its staffers on the commercial mortgage-backed securities front in anticipation of a resurgence of the market, bank representatives told Bloomberg news. The CMBS market was previously led by Wachovia, which was acquired by Wells Fargo in 2008 for $12.7 billion after it reported more than $2.1 billion in CMBS-related losses in 2007 and 2008. Among Wachovia’s soured deals was the $7.9 billion bond that included financing for the 2006 purchased of Stuyvesant Town and Peter Cooper Village — the largest CMBS deal in history. The buyers handed over the keys to the complex earlier this year after defaulting on their mortgage. But that’s not deterring Wells Fargo, which has added more than 20 bankers and support employees over the past three months. The new staffers are helping to increase loan originations and bundle them into CMBS, said Ed Blakely, the bank’s head of commercial mortgage lending and servicing. And Wells Fargo isn’t alone. Australian investment bank Macquerie Group announced last month that it is targeting the U.S. CMBS market with a new group, and New York-based Cantor Fitzgerald said earlier this month that it plans to originate and securitize $5 billion in loans over the course of the next year. [Bloomberg]

 

Related Articles

arrow_forward_ios
Lenders are being stingy about granting home equity lines of credit. (iStock)
Home values are up, but just try getting a line of credit
Home values are up, but just try getting a line of credit
From left: Wells Fargo’s Charles Scharf, SL Green's Marc Holliday, Goldman Sachs’ David Solomon and One Vanderbilt (Getty)
Goldman Sachs, Wells Fargo leading $2.25B refi of One Vanderbilt
Goldman Sachs, Wells Fargo leading $2.25B refi of One Vanderbilt
415 West 13th Street is currently occupied by clothing retailer Allsaints. (Google Maps)
Appraiser cuts Meatpacking District store’s valuation to the bone
Appraiser cuts Meatpacking District store’s valuation to the bone
Amol Sarva and Cantor Fitzgerald CEO Howard Lutnick (Sarva via Sasha Maslov, Lutnick via Getty)
Amol Sarva regrets getting into bed with “consummate Wall Street type” Howard Lutnick
Amol Sarva regrets getting into bed with “consummate Wall Street type” Howard Lutnick
The rate of loans sent to special servicers continued to fall in March. (Unsplash)
CMBS special servicing rate declines in March
CMBS special servicing rate declines in March
Douglas Durst with 1133 Avenue of the Americas (left) and 114 West 47th Street (Google Maps, Getty)
Durst refinances two Midtown buildings with $1.1B CMBS loan
Durst refinances two Midtown buildings with $1.1B CMBS loan
Vornado's Steve Roth. (Getty, Google Maps)
Here’s what tenants are paying at Vornado’s 909 Third Avenue
Here’s what tenants are paying at Vornado’s 909 Third Avenue
The luxury Beekman Tower in Midtown East is now worth nearly half its $146 million valuation from 2018. (Beekman Tower)
Value of Beekman Tower cut by 45% in new appraisal
Value of Beekman Tower cut by 45% in new appraisal
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...