CRIIMI MAE Announces BREF Transfer of Investment to BREF Affiliate
December 03 2004 - 5:41PM
PR Newswire (US)
CRIIMI MAE Announces BREF Transfer of Investment to BREF Affiliate
ROCKVILLE, Md., Dec. 3 /PRNewswire-FirstCall/ -- CRIIMI MAE Inc.
(NYSE:CMM) today announced that the equity and subordinated debt
purchased in January 2003 by Brascan Real Estate Financial Partners
LLC, a subsidiary of Brascan Corporation (NYSE:BNN) (TSE:BNN.LV.A),
("Brascan") has been transferred by Brascan to its newly formed
commercial real estate investment fund, BREF One LLC, Series A
("BREF One"). BREF One, a $600 million fund managed by Barry
Blattman, Chairman and CEO of CRIIMI MAE, acquired the 1,212,617
shares of CRIIMI MAE common stock, warrants to purchase 336,835
shares of common stock and $30 million of senior subordinated
secured debt of the Company formerly held by Brascan. Mr. Blattman
explained that the formation of BREF One and the transfer of CRIIMI
MAE's equity and debt to BREF One were anticipated at the time of
the Company's recapitalization in January 2003 when Brascan
originally acquired its interest. This transaction was reflected in
a recent SEC filing by Mr. Blattman. CRIIMI MAE Inc. is a
commercial mortgage company structured as a REIT. CRIIMI MAE owns
and manages a significant portfolio of commercial mortgage- related
assets. For further information, see the Company's Web site:
http://www.criimimaeinc.com/. Shareholders and securities brokers
should contact Shareholder Services at (301) 816-2300, e-mail , and
news media should contact James Pastore, Pastore Communications
Group LLC, at (202) 546-6451, e-mail . Note: Forward-looking
statements or statements that contain the words "believe,"
"anticipate," "expect," "contemplate," "may," "will" and similar
projections contained in this release involve a variety of risks
and uncertainties. These risks and uncertainties are set forth from
time to time in the Company's SEC reports, including its Annual
Report on Form 10-K for the most recent year and Quarterly Report
on Form 10-Q for the most recent quarter. Such statements are
subject to these risks and uncertainties, which could cause actual
results to differ materially from those anticipated. CRIIMI MAE
assumes no obligation to update or supplement forward-looking
statements that become untrue because of subsequent events.
DATASOURCE: CRIIMI MAE CONTACT: For shareholders and securities
brokers: Susan B. Railey of CRIIMI MAE, +1-301-468-3120 or for news
media: James T. Pastore, +1-202-546-6451, for CRIIMI MAE Web site:
http://www.criimimaeinc.com/
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