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Wachovia To Acquire American Property Financing, Inc.


Combination creates leading multifamily lender in New York City

April 25, 2006, CHARLOTTE, N.C. – Wachovia Corporation announced today that it has signed a definitive agreement to acquire American Property Financing, Inc. (APF), a wholly owned subsidiary of Emigrant Bank. Terms were not disclosed. The acquisition is expected to close in the second quarter of 2006.

APF, headquartered in New York City, offers a full array of fixed and variable rate multifamily loan products and has a servicing portfolio in excess of $8 billion. APF is the No. 1 ranked agency multifamily lender in the New York City area and is one of the top Fannie Mae DUS and Freddie Mac Program Plus® lenders in the U.S.

Alan Wiener, chief executive officer, will continue to run APF. Wiener will co-head Wachovia’s multifamily lending group along with Ed Hurley, managing director. Both will report to Brett Smith, managing director and head of mortgage origination and placement for Wachovia’s Real Estate Capital Markets Group.

“The addition of APF’s talented professionals and top tier clients to our industry-leading commercial real estate platform enhances our financing and servicing capabilities and strengthens our presence in the attractive New York City multifamily lending market,” said Smith. “This partnership positions us for continued market share growth.”

“This is a superb opportunity to align ourselves with an industry leader to enhance our array of products, increase our production and become a nationwide leader in the financing of affordable and conventional multifamily business,” said Wiener.

“We are very proud of the outstanding performance of APF and our successful partnership with Alan Wiener and Art Habighorst,” said Howard P. Milstein, president and chief executive officer of New York Private Bank & Trust Corporation, the parent of Emigrant Bank. “The acquisition of APF by Wachovia recognizes this success and provides the management and employees of APF with an excellent platform for continued growth.”

Wachovia is a leader in commercial real estate finance, delivering more than $67 billion in financing to the sector in 2005 and ranking #1 in loan contributions to CMBS. Wachovia services approximately $198 billion in CMBS and agency mortgages and $40 billion in portfolio loans and ranks #1 in master servicing. Wachovia was honored as “Lender of the Year” by Real Estate Finance and Investment, and “Real Estate Investment Bank of the Year” by Global Finance. Wachovia’s Real Estate Capital Markets group provides permanent financing through CMBS conduit and mortgage banking, bridge loans, mezzanine financing, equity co-investing, sale-leaseback, and synthetic lease structures. Wachovia also provides M&A and private equity advisory services, public capital access and corporate debt, as well as traditional bank lending and depository services to commercial and residential real estate developers and owners.

About Wachovia’s Corporate and Investment Banking Group
Wachovia’s Corporate and Investment Banking group offers a full suite of products and services to public and private companies, institutional investors, financial institutions and the financial sponsor community. Investment banking and the global markets businesses (fixed income, equities, and research) operate under the Wachovia Securities’ brand and have become a global force in the capital markets arena by providing comprehensive advisory, capital raising, structuring, research and execution services. Wachovia’s Corporate and Investment Bank also includes the 3rd largest Treasury Services business in the U.S. as well as leading asset-based lending and global correspondent banking services. The firm is built on a cohesive culture that encourages creative ideas, capital solutions, and experienced advice to all clients.

Wachovia Securities is the trade name for the corporate, investment banking, capital markets and securities research businesses of Wachovia Corporation and its subsidiaries, including Wachovia Capital Markets, LLC (WCM) and Wachovia Securities International Limited, which is authorized and regulated by The Financial Services Authority in the United Kingdom. Wachovia Securities is also the trade name for the retail brokerage businesses of WCM’s affiliates, Wachovia Securities, LLC, Wachovia Securities Financial Networks, LLC, Wexford Clearing, LLC, and First Clearing, LLC.

About Wachovia
Wachovia Corporation (NYSE:WB) is one of the nation’s largest diversified financial services companies, providing 13.4 million household and business relationships with a broad range of banking, asset management, wealth management and corporate and investment banking products and services. Wachovia operates as Wachovia Bank through 3,159 offices in 16 states from Connecticut to Florida and west to Texas, and, until merger integration activity is completed, will continue to be known as Western Financial Bank in California. Two core businesses operate under the Wachovia Securities brand name: retail brokerage in 49 states and in Latin America, and corporate and investment banking in selected industries nationwide. Globally, Wachovia serves clients through more than 40 international offices. Online banking is available at; online brokerage products and services at, and investment products and services at Wachovia had assets of $541.8 billion, market capitalization of $90.2 billion and stockholders’ equity of $49.8 billion at March 31, 2006.


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