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Strategies & Market Trends : CMM - REITs
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To: Eric L. who started this subject8/9/2000 9:00:36 AM
From: leigh aulper   of 126
 
CRIIMI MAE CMBS Sale Generates $43.8 Million

ROCKVILLE, Md., Aug. 9 /PRNewswire/ -- CRIIMI MAE Inc. (NYSE: CMM) sold five classes of subordinated commercial mortgage-backed securities ("CMBS") rated BB to B-and unrated from Chase Commercial Mortgage Securities Corp., Series 1998-1 (the "Chase Bonds") generating aggregate sale proceeds of $43.8 million. CRIIMI MAE sold the Chase Bonds to German American Capital Corporation ("GACC") pursuant to a consent order entered by Bankruptcy Judge Duncan W. Keir on August 3, 2000.

This CMBS sale, combined with CRIIMI MAE's previous CMBS sales this year, have generated approximately $230 million in aggregate gross sales proceeds and are part of CRIIMI MAE's strategy of selling a portion of its CMBS in order to fund the Company's emergence from protection under Chapter 11.

Of the aggregate $43.8 million of sale proceeds, CRIIMI MAE used approximately $36.6 million from the sale of four classes of the Chase Bonds to pay down secured financing provided by GACC. Remaining net proceeds of approximately $7.2 million will be used primarily to help fund CRIIMI MAE's plan of reorganization. CRIIMI MAE also received approximately $3.8 million from GACC representing its portion of net interest income that had accumulated since October 1999.
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