Wells Fargo & Co. has formed the REIT Finance Group, a new unit devoted to serving publicly traded real estate investment trusts (REITs) in the commercial real estate (CRE) industry.
According to the bank, the 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.
Rex Rudy, formerly managing director of real estate syndicated finance at Wells Fargo Securities, has been appointed managing director and head of the REIT Finance Group. He will report to Chip Fedalen, executive vice president and head of the Wells Fargo Commercial Real Estate Institutional and Metro Markets Group.
The REIT Finance Group's primary office locations will be in Charlotte, N.C.; Chicago; and Los Angeles. Managing directors Matt Ricketts, Scott Solis and Derek Evans have been appointed to lead the Eastern, Central and Western regions, respectively.