Five Oaks Investment filed paperwork with the U.S. Securities and Exchange Commission to raise up to $115 million in an initial public offering. Five Oaks is a REIT that invests in agency and non-agency RMBS.
Two bond offerings backed by nonprime home mortgage loans went to market this week, the most recent in a small series of similar transactions. Angel Oak Capital sold about $135 million of these securities, and a fund backed by American Homes 4 Rent and Beach Point Capital Management sold about $45 million of the bonds, sources said.
Van Eck Global filed with the Securities and Exchange Commission to launch an exchange-traded fund that would provide exposure to nonagency residential mortgage-backed securities. The Market Vectors Non-Agency RMBS ETF would be linked to a proprietary index of mortgage securities that don't qualify for backing by Fannie Mae, Freddie Mac or Ginnie Mae.
A FelCor Lodging Trust joint venture has acquired the Knickerbocker Hotel in Manhattan for $115 million. It bought the property with an affiliate of Highgate Holdings. This is FelCor's third property in New York.