AMRESCO And Impac Tie the Knot

Texas real estate investment trust AMRESCO Capital Trust, a player in the commercial mortgage-backed securities industry, said last week that it would buy Maryland-based REIT Impac Commercial Holdings Inc., for about $56.8 million in stock.

The merger, which is subject to shareholder approval by both companies, is expected to take place in the fourth quarter.

Impac is managed by Fortress Investment Corp., a New York-based real estate investment and asset management company.

Fortress is expected to purchase approximately 1.5 million shares of AMRESCO and the management contract from the company's current manager as well as assume day-to-day management responsibility.