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Oklahoma real estate briefs for March 9, 2013

Central Oklahoma Architects plan April 13 tours.
by Richard Mize Published: March 9, 2013
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PSM Holdings Inc. — ticker symbol PSMH, over the counter — has issued preferred stock to raise $5.7 million for expansion. The Oklahoma City-based company, through its wholly owned subsidiary, PrimeSource Mortgage Inc., provides mortgage brokerage and banking services across the country.

LB Merchant invested $3,700,000 in 3,700 units of Series A Convertible Preferred Stock and a single institutional investor invested $2,000,000 in 2,000 units of Series B Convertible Preferred Stock. Both the Series A and Series B have a face value of $1,000 per share and are convertible into the company's common stock at a fixed conversion price of 40 cents per common share and earn a 6 percent cash dividend paid quarterly. The board will be reduced from seven to five, with LB Merchant appointing two members.

NAI, Petrous merge services

NAI Commercial Properties is merging with the management division of The Petrous Group Inc., to form NAI Petrous LLC. The merger allows clients direct access to a variety of services under one roof, including commercial real estate sales, leasing, management, property development by its affiliate, The Petrous Group, and construction by its affiliate, Rupe Building Co.

NAI Petrous LLC assists clients with leasing, selling and managing retail, office and industrial properties and land, and offers construction management.

by Richard Mize
Real Estate Editor
Real estate editor Richard Mize has edited The Oklahoman's weekly residential real estate section and covered housing, commercial real estate, construction, development, finance and related business since 1999. From 1989 to 1999, he worked...
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