REITs Price IPOs

NEW YORK CITY-Earlier this year, locally based REIT New York Mortgage Trust filed documents listing an intent to file an initial public offering and that time has come. The company priced its 15-million share offering at $8, for proceeds of $135 million. The firm had originally viewed the offering to be worth as much as $172.5 million.

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.