The company was formed to acquire residential brokerage, the New York Mortgage Co. LLC. Future plans include the building of a residential mortgage loan portfolio and investing in residential mortgage-backed securities. Net proceeds will go toward repaying promissory notes, ownership in NYMC, the new initiatives in addition to funds for general corporate expenditures and possible future acquisitions. The underwriting effort was completed by Friedman Billings Ramsey.

Chicago-based Strategic Hotel Capital put out an offering of 17.6 million shares at $14, expecting to generate proceeds of $246.4 million. Goldman Sachs is the underwriter. Both starting trading yesterday.

The pair joins an ever-growing list of real estate-involved companies who make plans for public offerings. In one of this year's biggest real estate stories, CB Richard Ellis announced its intentions to go public. The firm just launched its IPO earlier this month. And in late March REIT financial specialist Cohen & Steers took the next step and filed a registration for an IPO. With $15.4 billion in assets under management, the locally based firm specializes in REIT common and preferred stocks serving individual and institutional investors. Arbor Realty Trust, based in Uniondale, NY, announced its intentions to go public within a year of July of 2003. This past April, it filed documents saying it expected to raise $135 million in its IPO. The REIT, priced each share of common stock at $20 and offered approximately 6.272 million shares--6.25 million are being offered by Arbor and 22,500 are being offered by a stockholder.