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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
June 8, 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)
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<S> <C> <C>
Maryland 000-23089 95-4648345
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State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
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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 June 4, 1998, Imperial Credit Commercial Mortgage Investment Corp. (the
Registrant") issued a press release reporting new investments and commitment
since April 1, 1998. 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 June 4, 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 thereunto 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: June 8, 1998
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EXHIBIT INDEX
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EXHIBIT
NO. DESCRIPTION
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99.1 Press release of the Registrant dated June 4, 1998
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[LOGO OF IMPERIAL CREDIT COMMERCIAL MORTGAGE INVESTMENT CORPORATION]
FOR IMMEDIATE RELEASE EXHIBIT 99.1
IMPERIAL CREDIT COMMERCIAL MORTGAGE INVESTMENT
CORP. REPORTS NEW INVESTMENTS, COMMITMENT
LOS ANGELES, CALIFORNIA, June 4, 1998. Imperial Credit Commercial Mortgage
Investment Corp. (Nasdaq: ICMI) today reported that since April 1 it has
invested directly or through wholly-owned subsidiaries $115.6 million in a
number of real estate and mortgage loan acquisition transactions. The Company's
and its subsidiaries' acquisitions include the Atrium Tower in Las Vegas,
Nevada, an approximately 149,000 square foot office building; the Mission
Marketplace in Oceanside, California, an approximately 343,000 square foot
shopping center; fourteen properties in Arizona, Texas and New Mexico subject to
a "triple-net" lease back from Ugly Duckling Corporation; and approximately $49
million of performing mortgage loans from Franchise Mortgage Acceptance Corp.
(Nasdaq: FMAX), an affiliate of the Company's manager. The Company assumed
approximately $23 million of existing first mortgage financing and borrowed an
additional approximately $83 million under its existing lines of credit in
conjunction with those acquisitions.
"We are extremely pleased that we have expanded our asset base to include
ownership of income-producing real estate assets meeting our risk-adjusted yield
requirements, as well as additional mortgage loan investments" said Mark S.
Karlan, President and CEO of the Company. "We continue to have both a
significant pipeline of investment opportunities and the capability to source,
acquire and manage appropriate assets. We believe that the Company remains well
positioned to achieve its asset acquisition and earnings objectives."
Imperial Credit Commercial Mortgage Investment Corp. is a publicly traded real
estate investment trust that invests primarily in performing multifamily and
commercial mortgage loans, real property and interests in multifamily and
commercial mortgage-backed securities.
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, as amended, and other documents filed by the Company
with the Securities and Exchange Commission.
For further information, please contact Michael Meltzer, Chief Financial
Officer, at (310) 231-5906 or Karen Montandon, Investor Relations, at
(310) 791-8022.
