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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
January 6, 1998
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Date of Report (Date of earliest event reported)
Imperial Credit Commercial Mortgage Investment Corp.
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(Exact name of registrant as specified in its charter)
Maryland 000-23089 95-4648345
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(State or other (Commission (IRS Employer
jurisdiction File Number) Identification
of incorporation) No.)
11601 Wilshire Blvd, Suite 2080, Los Angeles CA 90025
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(Address of principal executive offices) (Zip Code)
(310) 231-1280
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(Registrant's telephone number)
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Item 5. Other Events.
On January 6, 1998, Imperial Credit Commercial Mortgage Investment Corp.
(the "Registrant") issued a press release reporting its December 1997
investments of $169 million and its aggregate fourth quarter 1997 investments of
$332 million. A copy of the press release is attached as Exhibit 99.1 to this
Form 8-K and is incorporated herein by reference.
Item 7. Exhibit.
Exhibit 99.1 Press release of the Registrant, dated January 6, 1998
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SIGNATURE
Pursuant to the requirements of the Securities and Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
IMPERIAL CREDIT COMMERCIAL MORTGAGE INVESTMENT CORP.
By: /s/ MARK S. KARLAN
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Mark S. Karlan, President and Chief Executive Officer
Dated: January 8, 1998
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EXHIBIT INDEX
Exhibit
No. Description
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99.1 Press release of the Registrant dated January 6, 1998
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EXHIBIT 99.1
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FOR IMMEDIATE RELEASE
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IMPERIAL CREDIT COMMERCIAL MORTGAGE INVESTMENT
CORPORATION REPORTS DECEMBER 1997 INVESTMENTS OF
$169 MILLION AND AGGREGATE FOURTH QUARTER 1997 INVESTMENTS
OF $332 MILLION
LOS ANGELES, CALIFORNIA, January 6, 1998. Imperial Credit Commercial Mortgage
Investment Corp. (Nasdaq: ICMI) today reported that it invested approximately
$169 million in five separate asset acquisition transactions during December
1997. The December investments bring the total amount invested by the Company
during the fourth quarter of 1997 to approximately $332 million, which
represents approximately 69% of the net cash proceeds received by the Company
from its October 1997 initial public offering of its common stock.
The Company's investments during December 1997 included its acquisition of an
approximately $93.5 million pool of small multifamily and commercial mortgage
loans from Southern Pacific Bank, a wholly-owned subsidiary of Imperial Credit
Industries, Inc. (Nasdaq: ICII). The Company acquired two additional pools of
small multifamily and commercial mortgage loans with a total outstanding
principal balance of approximately $59 million from two unaffiliated mortgage
lenders. One of the additional loan pools is approximately $47.5 million of
fixed rate loans with a weighted average yield to maturity of approximately
11.89% (assuming no prepayments or defaults), and the other is approximately $11
million of floating rate loans. The Company also acquired approximately $6.3
million of floating rate loans originated by Franchise Mortgage Acceptance
Corporation (Nasdaq: FMAX), and the Company invested $5 million in other real
estate related assets. All of the transactions were consummated in December,
1997 and add to the approximately $163 million invested by the Company at the
time of its initial public offering in small multifamily and commercial mortgage
loans and interests in multifamily and commercial mortgage-backed securities.
The Company presently is working on a number of transactions which it expects to
close in the first quarter of 1998.
Imperial Credit Commercial Mortgage Investment Corp. is a publicly traded real
estate investment trust that invests primarily in performing multifamily and
commercial mortgage loans, interests in multifamily and commercial mortgage
backed securities, and real property.
This press release contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995, which can be identified by the
use of forward-looking terminology such as "may," "will," "intend," "should,"
"expect," "anticipate," "estimate" or "continue" or the negatives thereof or
other comparable terminology. The Company's actual results could differ
materially from those anticipated in such forward-looking statements as a result
of certain factors, including those set forth in the Company's Registration
Statement on Form S-11 filed with the Securities and Exchange Commission.
For further information, please contact Karen Montandon at (310) 791-8022.
