SAN DIEGO—A locally based private real estate firm has hammered out a letter of intent to buy a Virginia-based mortgage lender for $90 million in cash.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper


GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.