Wachovia to Buy NYC MF Lender

Wachovia Corp., Charlotte, N.C., has announced an agreement to acquire American Property Financing Inc., a New York-based multifamily lender and a subsidiary of Emigrant Bank, for an undisclosed amount.Wachovia said APF is the No. 1-ranked agency multifamily lender in the New York City area and one of the top lenders in the nation under Fannie Mae's Delegated Underwriting and Servicing program and Freddie Mac's Program Plus. Brett Smith, managing director and head of mortgage origination and placement in Wachovia's Real Estate Capital Markets Group, said the deal "enhances our financing and servicing capabilities and strengthens our presence in the attractive New York City multifamily lending market." Alan Wiener, APF's chief executive officer, will continue to run the company and will co-head Wachovia's multifamily lending group with Ed Hurley, a managing director. Wachovia can be found online at http://www.wachovia.com.