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Article: Imperial Credit Commercial Mortgage Investment Corp. Completes Acquisition of Assets
- Article from:
- PR Newswire
- Article date:
- October 31, 1997
CopyrightCOPYRIGHT 1997 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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LOS ANGELES, Oct. 31 /PRNewswire/ -- Imperial Credit Commercial Mortgage Investment Corp. (Nasdaq: ICMI) has announced that it recently completed a purchase from Southern Pacific Bank and Imperial Credit Industries, Inc. (Nasdaq: ICII) of multifamily and commercial mortgage loans and interests in certain multifamily and commercial mortgage-backed securities for an aggregate purchase price of approximately $163 million plus accrued interest.
All of the mortgage loans purchased by the Company were multifamily and commercial term loans originated by Southern Pacific Bank. The aggregate outstanding principal balance of those mortgage loans was approximately $104 ...