Criimi Mae Closer to Paying $353M on Debts

ROCKVILLE, MD-Commercial mortgage company Criimi Mae Inc. continues to make strides toward financial recovery, having recently completed due diligence on an investment endeavor by a Brascan Real Estate Financial Partners affiliate. Brascan revealed its impending investment to recapitalize and refinance Criimi Mae last month.

In addition to Brascan acquiring 10% of the company’s outstanding stock shares and as much as $40 million in debt, it has also put together a package in which Bear, Stearns & Co. Inc. will provide Criimi Mae with up to $300 million in financing. The three-year financing deal is secured by Criimi Mae’s $1.3 billion CMBS portfolio.