Wachovia Buys Remaining Stake in AMI

Following up on its purchase of a minority stake in AMI Capital last year, Wachovia Bank, Charlotte, N.C., has acquired the remaining stake in the Bethesda, Md.-based multifamily lender and servicer.The terms of the deal were not disclosed. AMI originates and services multifamily mortgages through Fannie Mae's Delegated Underwriting and Servicing program and the Federal Housing Administration-insured lending program. The acquisition will enable Wachovia to qualify as one of 27 designated Fannie Mae DUS lenders in the multifamily financing area, according to Steve Jones, managing director for strategic investments in the Wachovia Real Estate Capital Markets group. "By acquiring full ownership of AMI, we are following through on a commitment to be a more meaningful player for multifamily clients nationwide, and to the commercial and multifamily servicing sector," Mr. Jones said. "We view DUS and agency lending as an important addition to Wachovia's product line."