San Diego-based California Investment Fund LLC now owns 5% of Dynex Capital Inc. common stock, or 572,178 shares of the company. Dynex is aREIT currently traded on Nasdaq.
According to the terms of the agreement, California Investment will have exclusive right to negotiate the final purchase of Dynex for three weeks. During this period, the San Diego company will look for satisfactory financing to complete the deal.
The two companies must also negotiate a merger agreement and other conditions before the sale closes.
California Investment Fund is a subsidiary of First Commercial Corp., a private real estate investment company based in San Diego. The firm's focus is on acquisition of loan portfolios secured by commercial real estate.
Founded in 1993 by Michael and Richard Kelly, First Commercial specializes in the commercial real estate secondary market.
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