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SHORT HILLS, NJ-Wells Fargo has expanded its commercial real estate services with a new office location here, to be managed by Joseph Tkac. The new Wells Fargo Middle Market Real Estate office focuses on originating middle market commercial real estate loans to developers and investors for construction, development, acquisition and term financing of income and for-sale properties in New Jersey and the bordering counties of Pennsylvania.

“Wells Fargo’s long history in New Jersey gives us an understanding of this market and the needs of its local developers and investors,” says Tkac, who comes over from Wachovia Bank, where he was sales and market manager for real estate financial services. “Wells Fargo also understands the middle market.”

General property types include multifamily, residential, retail, hotel, office and industrial projects as well as limited-service hotel and other investment properties. Wells Fargo Middle Market Real Estate targets loans in the $2- to $15-million range with private individuals or entities generally having a net worth of $25 to 30 million or less.

The Well Fargo Middle Market Real Estate Office is located at 51 JFK Pkwy., a location it will share with Wells Fargo’s Real Estate Group. The latter division targets loans in the $15-million and higher range.

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