Wachovia Bank moves now into prime time.

Last week's record-breaking General Motors building sale brought into forefront not only such names as Harry Macklowe and Donald Trump, but also the Wachovia Corporation, the institution that financed the $1.4 billion deal.

Though referred to by The New York Times as a relative newcomer to the New York real estate market, North Carolina-based Wachovia has in fact been quietly taking over the game, ranking as the second largest real estate lender in the country.

"Wachovia has completed $2.2 billion in real estate financing in New York City in the past year alone," said a source familiar with the bank's operations. "They are no newcomer. They are one of the fastest growing financing institutions around."

In addition to the GM building sale, on which Wachovia has refused to comment because of a confidentiality agreement, the bank has provided loans for such New York properties as 1185 Ave. of the Americas, the Chelsea Market, and the Empire Hotel. The bank has a very wide scope of preferred property types, including office, retail, industrial, and multi-family, and has in recent years expanded its line of services.

"They always had a capital markets group, but some of the more recent additions, such as like-kind exchange, were added after they merged with First Union," said a source. "That's when Wachovia first emerged in its current form."

In fact, the merger with First Union Bank, which took place in 2001, was what propelled Wachovia into the top spot in the country, with transactions worth $21.4 billion in 2002. The bank now has a structured asset finance group, an asset management group, and a large loan securitization group, among others.

"I would argue that we have the broadest offering in the business," head of Wachovia's capital markets group has been quoted as saying.

Now, with the announcement of the GM building transaction, New York might become more aware of the fact.