Spirit Finance Completes Stock Offering

Spirit Finance Corp., Scottsdale, Ariz., has completed a private offering of 36 million shares of its common stock with Banc of America Securities, raising total proceeds of $360 million.The real estate investment trust said it expects to use the net proceeds from the offering to invest in "a diversified portfolio of single tenant, free-standing commercial real estate essential to the generating of tenant sales and profits." The company was formed by Morton Fleischer, its chairman and chief executive officer, and Christopher Volk, its president and chief operating officer, who were formerly with Franchise Finance Corp. of America, Spirit said. Spirit has already used $41 million of the proceeds to purchase mortgage loans from Washington Mutual Bank, the company said. Spirit can be found online at http://www.spiritfinance.com.