WaMu Boosting East Coast Multifamily Lending Presence

SEATTLE-Washington Mutual is adding three more East Coast multifamily lending offices following the successful launch of an office in New York City last fall.

The locally based bank’s executive vice president in charge of multifamily lending Al Brooks says multifamily lending offices will open in Boston, Miami and Washington, DC by the end of the year and be staffed by loan consultants, underwriters, appraisers and closers who know those markets. “Having experienced local apartment experts enables us to rapidly grow our business,” says Brooks.

The new office openings are WaMu’s latest move to boost its multifamily lending presence in the East. Last fall, the bank opened an office in New York City that generated $450 million in applications and more than $70 million in closed loans in its first 120 days of operation. By the end of second quarter 2003, the office had closed over $300 million in loans for properties in the New York/New Jersey area.