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Management Shifts Kick in as First Union Restructures Real Estate Operations

CHARLOTTE-A new position--head of real estate securitization--is part of the restructuring effort aimed at intensifying the company's focus on high-growth businesses and improving its risk profile.

By Robert Anthony | Updated on January 23, 2001

CHARLOTTE-Due to increased competition in the capital markets, the bank is currently in the process of implementing changes in its commercial real estate division. As a leader in the commercial mortgage-backed securities industry, First Union’s commercial real estate finance group continues to provide a streamlined process for commercial real estate financing.

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.”

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