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Published January 19, 1999
Volume 7, Number 1




ADG Lands Wausau Mortgage for New Facility
Company Becomes First Tenant in New Chabot Drive Garden Offices
 
Wasau Mortgage
Wausau Mortgage is the first company to lease space in the new ADG Development project on Chabot Drive.


By Jay Hipps
Network Editor



ADG Development has signed their first tenant, Wausau Mortgage, for their new garden office facility, currently under construction on Chabot Drive just south of Owens Drive. 

The mortgage bankers will occupy the top floor of the two-story, 24,260 square foot building. Occupancy is expected to take place on May 1. 

"This building offers a lot of advantages to us," says Mike Flynn, Wausau's president and CEO. "It's right off the freeway and close to BART. Plus, being brand new, the opportunity to lay out the space the way we want creates an efficiency there." 

Wausau Mortgage was founded in Denver in 1990 by a man from Wausau, Wisconsin. He chose the name of his hometown, a Native American word meaning "a distant or faraway place." Flynn and two other shareholders purchased the company in April, 1994. 

In addition to its Pleasanton corporate headquarters, the company operates 12 branches throughout California and into Nevada, offering mortgage banking services to both mortgage brokers and the public. Currently, plans exist to add branches throughout the West and Pacific Northwest. The Hacienda location will serve as a retail operation as well. 

"Last year, we funded about $735 million in first mortgage loans," adds Flynn. 

The company specializes in two divergent areas: FHA and VA funding, typically for amounts under $200,000, and jumbo loans for much higher amounts.

"We've sort of made a name for ourselves through our minority lending," Flynn explains, "while here in the Tri-Valley the jumbo loans are popular." 

The new facility will allow Wausau to consolidate its Pleasanton operations, currently conducted in two separate facilities on Stoneridge Mall Road. 

"That helps a lot," he says. "Trying to shuttle files and personnel through this loop at Stoneridge Mall wasn't convenient."

The company currently employs 55 people in Pleasanton. The new facility can accommodate almost a 20 percent increase in personnel, which should accommodate the company's immediate growth. 
 
 



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