Gramercy Capital Corp., a New York-based investor in and originator of commercial mortgage-related loans and securities, has priced a public offering of 2.25 million shares of common stock.Net proceeds totaled approximately $60 million, Gramercy said. The company also reported that it is selling 750,000 shares to its affiliate SL Green Realty Corp. for net proceeds of about $20 million. Wachovia Securities was the sole book-running manager for the public offering, and was granted an option to buy up to 337,500 additional shares to cover any overallotments. Gramercy Capital can be found online at http://www.gramercycapitalcorp.com.
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Originators increased program offerings for the fifth consecutive month, but overall credit availability remains tight, the Mortgage Bankers Association said.
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Malhotra joins the home finance giant after previously helping launch platforms to provide generative AI enterprise solutions and founding a technology research lab at the global multinational firm.
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The reverse-mortgage lender saw a quarterly loss but expects originations to increase 10% in the second quarter, as it attempts to address high-yield debt concerns.
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Capital Community Bank of Provo has purchased Security Home Mortgage, headquartered in nearby Orem.
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Mike Kortas, CEO of NEXA, alleges he fired his former co-owner, Mat Grella, because he added himself as a "new manager" of the company in a filed amendment to the company's articles of organization.
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Price growth is decelerating but still driving historic home equity gains for owners and widening the gap between the haves and have-nots in housing, ICE finds.
May 6