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NEW YORK CITY-Newcastle Investment Corp. has decided to sell 1.7 million shares for net proceeds of $50 million. Banc of America Securities LLC will underwrite the offering.
The REIT will use the money from the sale of the shares will be used to invest in the real estate securities, real estate assets as well as corporate uses, according to Newcastle's press release.
Recently, Newcastle acquired a $435-million portfolio of seasoned manufactured housing loans. The deal, which closed in August, contained a total of 13,300 loans with the majority in Washington, California and Oregon.
Fortress Investment Group LLC, which has in excess of $24 billion in equity capital, manages Newcastle.
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