Ocwen Asset Investment Corp. Announces December Investments
WEST PALM BEACH, Fla., Jan. 13 /PRNewswire/ -- Ocwen Asset Investment Corp. (Nasdaq: OAIC) today announced that for the month of December 1997 it had closed transactions totaling $101.1 million, for which it funded $68.1 million. This December activity brings OAIC's total closed transactions, net of repayments to date, to $279.8 million as of December 31, 1997, or 98.6% of the cash proceeds from its initial public offering. Of this amount, $232 million, or 81.5% of the cash proceeds from its initial public offering, has been funded and $47.8 million will be funded over the construction and renovation periods, which range from 6 to 15 months. In addition, OAIC has outstanding commitments of $74.3 million.
Of the December 1997 activity, OAIC invested $48.9 million in subordinated securities; $16.1 million in other mortgage related securities; and $3.1 million in residential whole loans. In addition, on December 31, 1997, OAIC closed a $33.0 million real estate loan for which it funded $7.5 million on January 2, 1998. The loan was for the renovation and construction of a 206,077 square foot office building in Burlington, Massachusetts.
At December 31, 1997, OAIC's outstanding commitments stand at $74.3 million. Anticipated January 1998 closings consist of a $14.0 million office building being purchased out of bankruptcy and two real estate loans totaling $33.6 million with initial fundings of approximately $7.0 million. A $26.7 million real estate loan with an initial funding of approximately $3.0 million is anticipated to close in March 1998 (previously scheduled to close in February 1998). All of these commitments are subject to various closing conditions, including, but not limited to, completion of satisfactory due diligence efforts and conditions the borrowers must satisfy prior to OAIC funding the transactions. |
