Criimi Mae Reports Orix Proposal

Criimi Mae Inc., Rockville, Md., has reported receiving a proposal from Orix Capital Markets LLC, Dallas, to buy all the company's outstanding common stock at a negotiated price or up to 100% of its subordinated commercial mortgage-backed securities for $520 million.The commercial mortgage company said a special committee of its board of directors is evaluating Orix's proposals. Criimi Mae noted that it recently entered into an investment agreement with Brascan Real Estate Finance Fund and a commitment letter with Bear, Stearns & Co. Inc. to recapitalize and refinance the company. BREF and Bear Stearns have completed their due diligence, and the parties are moving toward a closing by Jan. 15, Criimi Mae said, adding that the transaction would not preclude subsequent asset or stock sales.