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ROCKVILLE, MD-Criimi Mae Inc. has committed to an investment agreement with an affiliate of private funds management firm Brascan Real Estate Financial Partners in an effort to recapitalize and refinance the commercial mortgage company. The BREF affiliate will acquire 10% of outstanding shares of Criimi Mae common stock, and it has agreed to take on as much as $40 million of subordinated debt. The deal also calls for the affiliate to pursue as much as $300 million in secured financing.

For its part Criimi Mae will bring aboard BREF’s Barry Blattman as the company’s chairman of the board and CEO. Current chair William B. Dockser will resign, and president H. William Willughby has agreed to relinquish his roles as president and board member. “This transaction combines two ingredients–financial strength and dynamic new leadership–that will allow Criimi Mae to maximize shareholder value,” Dockser notes in a prepared statement.

The deal brings other noted advantages to Criimi Mae. During an investors conference call today, company EVP David Iannarone explained that the agreement allows for an additional $200 million in funding from a repurchase transaction for the purpose of investing in commercial mortgage-backed securities, thereby bolstering the company’s re-entry into the CMBS market.

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