FL REIT Buying NJ Mortgage Banker

Bimini Mortgage Management, Vero Beach, Fla., a real estate investment trust that invests in mortgage-backed securities, has agreed to purchase Opteum Financial Services, Paramus, N.J., a top-40-ranked mortgage banker.The deal, valued in excess of $100 million, includes the payment of Bimini common and preferred stock to Opteum's shareholders, a repayment of existing debt, and a cash earn-out of up to $17.5 million. A privately held company founded by former Chase Home Finance executive Peter Norden, Opteum is on track to fund $7.4 billion in residential mortgages this year. Bimini's adviser on the deal was Deutsche Bank. Classic Strategies, New York, advised Opteum. (See the Oct. 3 issue of National Mortgage News for more details.)