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Bluerock Residential reaps $55.3M in preferred stock offering

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Bluerock Residential reaps $55.3M in preferred stock offering

Bluerock ResidentialGrowth REIT Inc. closed a preferred stock offering, receiving net proceeds of roughly $55.3 million.

The public offering comprised 2.3 million shares of the company's7.625% series C cumulative redeemable preferred stock issued at a price to the publicof $25.00 per share, including 300,000 shares bought by the underwriters as a resultof fully exercising their overallotment option.

The company plans to use the net proceeds for future multifamilyacquisitions and investments and other general corporate and working capital purposes.

Bluerock said the preferred stock has been approved for listingon the NYSE MKT under the symbol BRG-PrC, with trading expected to begin July 21.

Janney Montgomery Scott, D.A. Davidson & Co. and FBR actedas book-running managers, while Boenning & Scattergood and William Blair servedas co-managers for the offering.