Gramercy Cap Cites Stock Proceeds

Gramercy Capital Corp., a New York-based investor in commercial mortgage-related loans and securities, says it expects to realize net proceeds of nearly $95 million for its investment activities from an offering of common stock.The company reported that it is selling 4.23 million shares of its common stock at $17.27 each, in a private placement, to some institutional investors. It is also selling 1.28 million shares at the same price to its affiliate SL Green Realty Corp., which will enable the real estate investment trust to maintain "substantially the same ownership percentage interest in Gramercy Capital" after the private placement, Gramercy said.