An affiliate of Brascan Real Estate Financial Partners LLC, Toronto, has completed due diligence for a previously announced agreement to recapitalize Criimi Mae Inc., according to the Rockville, Md.-based Criimi Mae.Under the terms of the pact, BREF will purchase 10% of the outstanding shares of Criimi Mae's common stock and up to $40 million of subordinated debt to be issued by Criimi Mae, a real estate investment trust. The REIT also reported that Bear, Stearns & Co. Inc. has completed due diligence and signed a commitment letter to provide Criimi Mae with a secured financing of up to $300 million in the form of a repurchase transaction. Criimi Mae's website address is http://www.criimimaeinc.com.
Processing Content
