NEW YORK, July 2 /PRNewswire-FirstCall/ -- iStar Financial Inc.
(NYSE: SFI), a leading publicly traded finance company focused on the
commercial real estate industry, announced today that is has closed on its
previously announced transaction with Fremont Investment & Loan, a subsidiary
of Fremont General Corporation (NYSE: FMT). iStar acquired Fremont's
commercial real estate lending business and retained an interest in Fremont's
commercial loan portfolio in this transaction.
"The combination of Fremont's and iStar's commercial real estate
organizations expands our geographic reach, almost doubles the number of our
employees and creates one of the strongest construction lending and direct
loan origination platforms in the industry," said Jay Sugarman, iStar
Financial's chairman and chief executive officer. "iStar professionals across
the country and in Europe will continue to offer new and existing customers a
broad range of innovative, custom-tailored financing solutions."
After giving affect to the Fremont transaction, iStar has nearly $20
billion in assets under management and 350 real estate professionals in 11
regional investment offices throughout the United States plus its European
subsidiary based in London.
iStar Financial Inc. is a leading publicly traded finance company focused
on the commercial real estate industry. The Company primarily provides custom-
tailored investment capital to high-end private and corporate owners of real
estate, including senior and mezzanine real estate debt, senior and mezzanine
corporate capital, as well as corporate net lease financing and equity. The
Company, which is taxed as a real estate investment trust ("REIT"), seeks to
deliver strong dividends and superior risk-adjusted returns on equity to
shareholders by providing innovative and value added financing solutions to
its customers. Additional information on iStar Financial is available on the
Company's website at http://www.istarfinancial.com.
SOURCE iStar Financial
Catherine D. Rice, Chief Financial Officer
Andrew G. Backman, Vice President, Investor Relations
both of iStar Financial
Web site: http://www.istarfinancial.com