CHARLOTTE - November 9, 2011
Wells Fargo & Company (NYSE: WFC) today announced the formation of the REIT Finance Group that is devoted to serving publicly-traded REITs in the commercial real estate industry. This team is comprised of professionals from various departments within Wells Fargo who have extensive knowledge of the REIT industry. 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 REIT Finance Group brings together all of the products and services Wells Fargo offers to public real estate companies under one umbrella. The new group will provide corporate banking services, lines of credit, term loans and construction loans to REITs and will also partner closely with Eastdil Secured, a Wells Fargo subsidiary, for real estate investment banking services, and with Wells Fargo Securities for customers’ capital markets needs.
The REIT Finance Group’s primary office locations will be in Charlotte, Chicago and Los Angeles. Matt Ricketts, managing director, has been appointed to lead the Eastern region; Scott Solis, managing director, the Central region; and Derek Evans, managing director, the Western region. All three report to Rudy.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.3 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, the Internet (wellsfargo.com and wachovia.com), and other distribution channels across North America and internationally. With more than 270,000 team members, Wells Fargo serves one in three households in America. Wells Fargo & Company was ranked No. 23 on Fortune’s 2011 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially.
Wells Fargo provides nationwide commercial real estate banking, capital markets, and advisory services into a single platform that includes lending, syndications, debt placement, equity raising and underwriting, mergers and acquisitions and servicing. Ranked as the nation’s largest commercial real estate lender and servicer and top multifamily lender by the Mortgage Bankers Association for 2010, Wells Fargo was named the largest issuer of preferred stock REIT equity and the largest domestic REIT and real estate bookrunner by Thompson Financial in 2010. Wells Fargo was also named the most active brokerage of large commercial real estate sales in 2010 by Real Estate Alert. For more about the Wells Fargo commercial real estate platform visit: www.wellsfargo.com/realestate.