JER Sells 11.5 Mill Shares

JER Investors Trust, a newly formed associate of J.E. Robert Co., McLean, Va., has sold 11.5 million shares of common stock for gross proceeds of $172.5 million in a private placement.JER Investors Trust, which was set up to tap into the growing market for commercial real estate structured finance products, will use the net proceeds from the offering to acquire commercial mortgage-backed securities, mezzanine loans, bridge loans and other "high-yield" debt products, the company reported. JER Investors Trust will opt for real estate investment trust status for tax purposes, according to the company. Friedman, Billings, Ramsey was the financial advisor and placement agent for the transaction.