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Chastain Capital Prices Initial Public Offering ATLANTA--(BUSINESS WIRE)--April 23, 1998--Chastain Capital Corporation (NASDAQ/NM:CHAS - news) today announced the pricing of its initial public offering of 7,380,000 shares of common stock at $15.00 per share. After the completion of the offering there will be 8,977,778 shares outstanding. In addition, Chastain Capital has granted the underwriters an option to purchase up to 1,107,000 additional shares to cover over-allotments, if any. Chastain Capital Corporation is a newly formed real estate investment trust that will invest in commercial and multifamily mortgage and real estate related assets identified, managed and actively serviced by ERE Yarmouth Inc., the largest investment manager of real estate assets owned by pension plans and other tax exempt investors in the United States, with twelve offices located in major metropolitan markets throughout the country. ERE Yarmouth is the U.S. real estate investment services unit of Lend Lease Corporation Limited. (Australian Stock Exchange: LLC) the Australian-based international property and financial services group. Concurrent with the offering, Chastain Capital sold an additional 897,678 shares of common stock to ERE Yarmouth Holdings, a wholly-owned indirect subsidiary of Lend Lease Corporation Limited and 700,000 shares of common stock to FBR Asset Investment Corporation, an affiliate of Friedman, Billings, Ramsey & Co., Inc. (NYSE:FBG - news) at the initial public offering price less underwriting discount. The net proceeds from the offering and concurrent private placement, which are estimated to be approximately $123,990,000, will be used for general corporate purposes and to originate or acquire real estate related assets focusing on opportunities which the Company perceives to offer relative value including mortgage investments, direct equity real estate investments and mezzanine investments. Friedman, Billings, Ramsey & Co., Inc. acted as lead manager and EVEREN Securities Inc. acted as co-manager in the transaction. Copies of the prospectus can be obtained from Friedman, Billings, Ramsey & Co., Inc., Potomac Tower, 1001 19th Street North, Arlington, Virginia 22209. | ||||||||||||||
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