Wells Fargo Provides Construction Financing for NASCAR Corporate Plaza
Charlotte, N.C. — July 9, 2007
Wells Fargo & Co. (NYSE: WFC) said it has worked with Regions Bank to provide a $95 million loan to Corporate Plaza Partners, LLC for construction of the NASCAR Corporate Plaza adjacent to the future NASCAR Hall of Fame here. Mark Neibch and Steve Lowery of Wells Fargo's Real Estate Group in Chicago oversaw the transaction. The developer of the six-acre project is Indianapolis-based Lauth Group Inc. Upon completion in 2009, the NASCAR plaza will be a 19-story, 376,401 square-foot office building anchored by the auto racing organization. The building will be integrated with the NASCAR Hall of Fame. Pei, Cobb & Freed Partners, the New York-based architectural firm that designed the Rock and Roll Hall of Fame in Cleveland, designed the NASCAR facility with a metal band that twists and wraps around its exterior, reflecting the track that is central to the sport. Wells Fargo has a historical relationship with the sport of NASCAR, including providing commercial banking services to the auto racing organization. Wells Fargo Financial has sponsored the Petty Enterprises team for five years, and Kyle Petty will drive the No. 45 Wells Fargo Dodge in 12 races this season. Wells Fargo is a national leader in commercial real estate with more than $50 billion in originations annually and 50 offices nationwide, providing lending, servicing, advisory, intermediary, and structured solutions to a broad spectrum of investors, developers, and public companies in the commercial real estate sector. Lauth Property Group, LLC (www.lauth.net) has been a leader in the development, construction, acquisition, management and ownership of commercial real estate nationwide since 1977. The 13th largest real estate developer in the U.S., according to Commercial Property News, the company has completed nearly $3 billion in projects, and has $1.6 billion under development. Wells Fargo & Company is a diversified financial services company with $486 billion in assets, providing banking, insurance, investments, mortgage and consumer finance through more than 6,000 stores and the internet (wellsfargo.com) across North America and internationally. Wells Fargo Bank, N.A. is the only bank in the U.S., and one of only two banks worldwide, to have the highest possible credit rating from both Moody's Investors Service, "Aaa," and Standard & Poor's Ratings Services, "AAA."