Desert Capital REIT, Las Vegas, has announced an agreement to acquire Consolidated Mortgage Corp., Las Vegas, on an installment basis for $9 million in cash and 450,000 shares of Desert Capital's common stock.Desert Capital, a real estate investment trust that invests in loans to owners and developers of real estate, said the initial closing of 25% of Consolidated's equity is expected to occur within 30 days, pending the receipt of regulatory approvals from the state of Nevada. The purchase is expected to be completed by Sept. 30, 2005. "CMC's origination fees will now serve as an additional income stream for Desert Capital REIT, thereby providing additional revenue for dividend payments," said Todd B. Parriott, the REIT's chairman, chief executive, president, and chief investment officer. The company can be found online at http://www.desertcapitalreit.com.
