For its part Criimi Mae will bring aboard BREF's Barry Blattman as the company's chairman of the board and CEO. Current chair William B. Dockser will resign, and president H. William Willughby has agreed to relinquish his roles as president and board member. "This transaction combines two ingredients--financial strength and dynamic new leadership--that will allow Criimi Mae to maximize shareholder value," Dockser notes in a prepared statement.

The deal brings other noted advantages to Criimi Mae. During an investors conference call today, company EVP David Iannarone explained that the agreement allows for an additional $200 million in funding from a repurchase transaction for the purpose of investing in commercial mortgage-backed securities, thereby bolstering the company's re-entry into the CMBS market.