ROCKVILLE, Md. - The real estate investment trust Criimi Mae Inc. said Wednesday that it raised $43.8 million by selling some commercial mortgage-backed bonds to German American Capital Corp.
The bonds were originally issued by Chase Manhattan Corp.'s conduit lending arm; for those that carry credit ratings the range is from BB to B-.
Criimi has sold $230 million of commercial mortgage bonds this year to fund its emergence from bankruptcy.
The company, which at one time specialized in buying the riskier pieces of commercial mortgage securitizations, filed for Chapter 11 protection during the October 1998 liquidity crisis.