Wachovia Sells Land, Construction Loans
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Updated from 9:44 a.m. EDT.
Wachovia(WB Quote) is selling roughly one-tenth of the land and construction loans the troubled lender put up for sale earlier this year, according to media reports.
The Wall Street Journal is reporting that the Charlotte, N.C.-based bank is selling $40 million of the total $350 million land and construction assets it put up for sale to a joint venture headed by LandCap Partners, run by real estate veteran Jeffrey Gault. The Los Angeles-based private real estate company provides capital for residential land transactions through options contracts, conventional and participating loans and joint- venture equity investment, according to its Web site.
Wachovia will be a minority partner in the venture, according to the article. ...
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