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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
July 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)
Maryland 000-23089 95-4648345
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State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification 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 July 8, 1998, Imperial Credit Commercial Mortgage Investment Corp. (the
Registrant") issued a press release reporting investments for the second quarter
of 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 July 8, 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: July 10, 1998
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EXHIBIT INDEX
EXHIBIT
No. DESCRIPTION
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99.1 Press release of the Registrant dated July 8, 1998
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ICCMIC
FOR IMMEDIATE RELEASE EXHIBIT 99.1
IMPERIAL CREDIT COMMERCIAL MORTGAGE INVESTMENT CORP.
REPORTS SECOND QUARTER 1998 INVESTMENTS
LOS ANGELES, CALIFORNIA, July 8, 1998. Imperial Credit Commercial Mortgage
Investment Corp. (Nasdaq: ICMI) today reported that it invested $215 million
directly or through its wholly-owned subsidiaries in a number of acquisition
transactions during the second quarter of 1998, bringing the Company's total
assets under management to approximately $700 million. The second quarter
investments included $130 million of mortgage loans and $85 million of real
property.
The Company's mortgage loan investments during the second quarter consisted of
$93 million of performing multifamily and commercial mortgage loans acquired
from Southern Pacific Bank, a wholly-owned subsidiary of Imperial Credit
Industries, Inc. (Nasdaq: ICII), and $55 million in performing mortgage loans
from Franchise Mortgage Acceptance Corp. (Nasdaq: FMAX), an affiliate of the
Company's manager. In June, FMAX exercised a call provision and purchased $21
million of these loans. The Company also funded $1 million under a previously
announced $20 million first mortgage loan facility provided to On Stage
Entertainment, Inc.
The Company added to its real property investments by acquiring The Terraces, a
178,000 square foot shopping center in Palos Verdes, California. Previously
announced second quarter real property investments included the 149,000 square
foot Atrium Tower in Las Vegas, Nevada, the 343,000 square foot Mission
Marketplace in Oceanside, California and fourteen properties in Arizona, Texas
and New Mexico subject to a "triple-net" lease with the Ugly Duckling
Corporation.
The Company borrowed $167 million under its existing lines of credit in
conjunction with its acquisitions during the second quarter of 1998, and the
real property assets were acquired subject to $35 million of existing first
mortgage loans.
"We are pleased with our ramp-up to date and our diversification into income-
producing real estate assets" said Mark S. Karlan, President and CEO of the
Company. "We are taking advantage of our credit facilities, our significant
pipeline of investment opportunities and our capability to source, acquire and
manage appropriate assets."
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-
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backed securities. The Company is managed by Imperial Credit Commercial Asset
Management Corp., a wholly-owned subsidiary of Imperial Credit Industries, Inc.
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.
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