First Union's real estate group of over 75 real estate professionals executethe origination, structuring and rating process for mortage loans secured by multifamily and commercial properties. It is through this conduit that commercial real estate clients are provided with long-term, fixed-rate non-recourse mortgages.

First Union's managing director of commercial real estate finance, Barry Reiner, tells GlobeSt.com that the bank "has restructured several of the businesses in real estate capital markets. In the process, he says, "a new position has been created--head of real estate securitization--which covers several real estate product types, one of which includes CMBS."

Reiner has left his position as head of the conduit. Rob Verrone and Chuck Wolter will remain as co-heads of production in CMBS. "The conduit is part of the CMBS effort, so the conduit now will fall into this real estate securitization group," explains Reiner. Although he was not specific, Reiner said the restructuring was triggered by "a variety of factors."

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