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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
April 2, 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 April 2, 1998, Imperial Credit Commercial Mortgage Investment Corp. (the
Registrant") issued a press release reporting its investments for the calendar
quarter ended March 31, 1998 and its entry into a $500 million warehouse line of
credit. 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 April 2, 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: April 2, 1998
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EXHIBIT INDEX
EXHIBIT
No. DESCRIPTION
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99.1 Press release of the Registrant dated April 2, 1998
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[LOGO OF ICCMIC]
FOR IMMEDIATE RELEASE EXHIBIT 99.1
IMPERIAL CREDIT COMMERCIAL MORTGAGE INVESTMENT CORP. REPORTS FIRST QUARTER 1998
INVESTMENTS AND NEW $500 MILLION WAREHOUSE LINE OF CREDIT.
IPO EQUITY NOW FULLY INVESTED.
LOS ANGELES, CALIFORNIA, April 2, 1998. Imperial Credit Commercial Mortgage
Investment Corp. (Nasdaq: ICMI) today reported that it committed approximately
$164 million (of which it invested approximately $157 million) in a number of
asset acquisition transactions during the first quarter of 1998. These
investments bring the total amount invested by the Company to approximately $490
million, $11 million more than the $479 million of net cash proceeds received by
the Company from its IPO five months ago. In addition, the Company entered into
a Master Loan and Security Agreement with Morgan Guaranty Trust Company of New
York (a subsidiary of J.P. Morgan & Co. Incorporated) for a $500 million
warehouse line of credit that will provide the Company with funds to make
additional investments.
The Company's first quarter investments included approximately $97 million of
fixed and floating rate multifamily and commercial mortgage loans acquired from
Southern Pacific Bank, a subsidiary of Imperial Credit Industries, Inc. (Nasdaq:
ICII). In addition, the Company originated a $20 million first mortgage loan
facility for On Stage Entertainment, Inc. (Nasdaq: ONST), of which the Company
funded $12.5 million in connection with certain acquisitions by On Stage. Under
the terms of the On Stage loan agreement, the Company has the right to provide
up to $30 million of additional similar mortgage loan financing. The Company
also acquired an $18 million interest as a participant in a first mortgage loan
facility provided for the redevelopment of a major hotel and casino in Las
Vegas. The Company also acquired approximately $18 million of loans originated
by Franchise Mortgage Acceptance Corporation (Nasdaq: FMAX), an affiliate of
ICII, and $6 million in securities issued by FMAX. Finally, the Company
acquired approximately $3 million of mortgage loans in a second transaction with
an unaffiliated mortgage lender. All of the transactions closed in March and
added to the $333 million previously invested by the Company in multifamily and
commercial mortgage loans, interests in multifamily and commercial mortgage-
backed securities and other real estate related assets.
In addition to the investments and commitments made during the first quarter of
1998, the Company currently is working on a number of transactions anticipated
to close
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during the second quarter. Those transactions are likely to include the
acquisition of commercial real estate assets, including sale/leaseback
transactions, and additional commercial and multifamily mortgage loan
investments.
"We are pleased that we have now fully invested the net proceeds from our IPO
and have begun the process of leveraging our investments," said Mark S. Karlan,
President and CEO of the Company. "We have invested our net proceeds in
accordance with the business plan that we established at the time of our IPO,
and we intend to use our warehouse line of credit with J.P. Morgan to acquire
appropriate additional investments that meet our yield and risk parameters. The
Company has put into place a solid management team with substantial experience
and expertise in the acquisition of commercial and multifamily mortgage loans,
real estate and commercial mortgage-backed securities. We have a significant
pipeline of additional investment opportunities and the capability to source,
acquire and manage appropriate assets. We continue to be diligent in evaluating
and underwriting the specifics of each investment opportunity and the way in
which the asset being considered for acquisition would help us execute our
overall investment and leveraging strategy. We believe that the Company is 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, 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, 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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