Wells Fargo & Company announced this week that it had formed the REIT Finance Group, a team of professionals from within Wells Fargo dedicated to serving publicly-traded REITs in the CRE industry. Acorrding to a Washington Business Journal article, the new group will provide corporate banking services, lines of credit, term loans and construction loans to REITs while also working with Eastdil Secured LLC, a Wells Fargo subsidiary, for real estate investment banking services, and with Wells Fargo Securities for capital markets needs.
Rex Rudy, based in Charlotte and formerly Managing Director of Real Estate Syndicated Finance at Wells Fargo Securities, has been appointed as Managing Director and head of the REIT Finance Group. Rudy will report to Chip Fedalen, executive vice president and head of the Wells Fargo Commercial Real Estate Institutional and Metro Markets Group.
"Rex has devoted his career to the REIT industry and I know his wealth of experience and widely-respected reputation will be beneficial to our clients," said Fedalen. "This new team will further enhance our ability to provide our broad platform of commercial real estate products and services to REITs."
"The REITs have held up amazingly well and clearly have an access to capital that most private clients don't have today," said Rudy in a REIT.com article. "But, like everyone else, the economic environment has had an impact on all of these properties, so we are all hoping for a more robust economic recovery."
For more news and information visit Blumberg Capital Partners.
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