JER Investors Trust Inc., a McLean, Va.-based specialty finance company that originates and acquires real estate debt securities and loans, has announced the pricing of an initial public offering of approximately 12.2 million shares of common stock at $17.75 per share.Of the total, 12 million shares are being sold by the company and 222,399 are being sold by stockholders. JER Investors said it will not receive any proceeds from the shares sold by stockholders, and that it expects gross proceeds of $213 million from the offering. The underwriters have been granted an option to buy up to about 1.8 million additional shares to cover any overallotments. The lead manager of the offering was Friedman, Billings, Ramsey & Co.

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