The multifamily housing financing REIT expects to raise roughly $30.9 million from the sale of the shares. "The proceeds from this offering will be used to fund new investments," says AMAC chairman and CEO Stuart J. Boesky. "We believe that this is offering is an important step in furthering AMAC's business plan." This is the company's first common equity offering since it became an infinite life, open-ended REIT in July 1999.
AMAC originates and acquires mezzanine and bridge loans as well as government-insured first mortgages backed by multifamily assets throughout the US.
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