SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported):June 11, 1998 (June 5, 1998)
CRIIMI MAE Inc.
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(Exact name of registrant as specified in its charter)
Maryland 1-10360 52-1622022
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(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
11200 Rockville Pike, Rockville, Maryland 20852
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(Address of principal executive office) (Zip code)
Registrant's telephone number including area code: (301) 816-2300
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(Former name or former address, if changed since last report)
Exhibit Index on Page 4<PAGE>
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Item 5. Other Events.
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CRIIMI MAE Inc. (the "Company") issued a press release on June 5, 1998
announcing it has securitized $496 million of commercial mortgage loans
originated or acquired through the Company's network of regional offices and
through which the Company sold $397 million face amount of fixed-rate
investment grade securities. A copy of the press release is attached hereto as
Exhibit 99.1, and is incorporated in its entirety by reference in response to
this Item 5.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
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c) Exhibits
99.1 Press Release
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
CRIIMI MAE Inc.
Date: June 11, 1998 By: /s/ H. William Willoughby
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H. William Willoughby
President
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INDEX TO EXHIBITS
FORM 8-K
Exhibit Page
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99.1 Press Release
CRIIMI MAE SECURITIZES $496 MILLION OF COMMERCIAL MORTGAGE LOANS
FIRST SECURITIZATION OF "NO-LOCK" MORTGAGES
Rockville, MD, June 5, 1998-- (NYSE:CMM) - CRIIMI MAE Inc. has securitized
$496 million of commercial mortgage loans originated or acquired through the
company's network of regional offices. The transaction -- CRIIMI MAE CMBS
Corp., Commercial Mortgage Loan Trust Certificates, Series 1998-1 -- is the
first securitization of CRIIMI MAE's "No-Lock" commercial mortgage product.
Through this securitization, CRIIMI MAE sold $397 million face amount of
fixed-rate investment grade securities. CRIIMI MAE retained the remaining
principal and interest cash flows from the mortgage loans that collateralize
the securitization. A CRIIMI MAE affiliate--CRIIMI MAE Services Limited
Partnership--will act as loan manager, master servicer and special servicer
for the mortgage trust.
CRIIMI MAE Chairman William B. Dockser said, "This is CRIIMI MAE's second
securitization in less than two months and the first securitization of our
whole loan, "No-Lock" product. We are currently originating more "No-Lock"
loans and anticipate another conduit securitization of approximately $800
million near year end."
As previously announced, CRIIMI MAE has joined forces with Prudential Mortgage
Capital Company L.L.C., the commercial mortgage affiliate of The Prudential
Insurance Company of America, to begin originating large "No-Lock" loans from
$30 million to $100 million. CRIIMI MAE expects to securitize $1 billion of
the large "No-Lock" loans within 12 months.
In other news, the company closed the previously announced acquisition of
subordinated CMBS from First Union/Lehman Brothers/Bank of America Commercial
Mortgage Trust, Series 1998-C2. CRIIMI MAE acquired $290 million face amount
of securities from the $3.4 billion transaction for a purchase price of $208
million. Since the beginning of 1998,the company has acquired subordinated
CMBS with a total face amount of approximately $1 billion for a purchase price
of approximately $720 million.
CRIIMI MAE is a full service commercial mortgage company involved in the
origination, acquisition, securitization and servicing of multifamily and
commercial mortgages and mortgage-related assets. The company currently has
offices in suburban Washington, DC, Boston, Memphis, San Francisco and
Houston, and plans to open an additional office in Chicago later this year.
The securities referred to above have not been registered under the Securities
Act of 1933, and may not be offered or sold in the United States absent an
applicable exemption from registration requirements. This announcement is not
an offer to sell or a solicitation of an offer to buy any securities.
Certain statements in this press release regarding CRIIMI MAE's business
constitute "forward-looking statements" under federal securities laws and are
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subject to a number of risks and uncertainties. Any such forward-looking
statements should not be relied upon as predictions of future events. For a
discussion of such risks and uncertainties, which could cause actual results
to differ materially from those contained in the forward-looking statements,
see "Forward-Looking Statements" in CRIIMI MAE's Annual Report on Form 10-K
for the fiscal year ended December 31, 1997.
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