This is just the latest in the firm's major investments. In November, the firm closed a $40.5-million first mortgage loan to entities sponsored by Forest City Ratner Cos. for the first phase of the $2.5-billion Atlantic Yards project.

In December, Gramercy originated subordinated participation interests totaling $35 million in a $145-million loan secured by a first mortgage against a 296,235-sf, class A office building in Washington, DC. Also in December, the REIT exercised its option to increase by $100 million to $350 million the commitment amount of a repurchase agreement previously entered into with Wachovia Capital Markets LLC. In August, Gramercy had closed three credit facilities with Wachovia or one or more of its affiliates. In late July, the REIT had an IPO of 12.5 million common shares, raising $187.5 million.

After its first five investments, Marc Holliday, the REIT's CEO, said, "we expect to maintain this pace despite competition among capital providers. We will continue to build-out our business platform and tap our national network of relationships with borrowers and lenders." And Bob Foley, the company's CFO, felt the firm was laying "the groundwork for arranging longer-term funding in the next calendar year."