RAIT buys a N.J. real estate trust

RAIT Financial Trust, a Philadelphia real estate investment company, said today it bought Empire American Realty Trust Inc., of Montvale, N.J., for $2.3 million.

As part of RAIT, Empire will raise money to invest in commercial real estate, RAIT said. The deal closed Thursday.

For the third quarter, which ended Sept. 30, Empire posted a loss of $1.2 million, or 6 cents per share. For the first nine months of 2010, it showed a profit of $3.9 million, or 9 cents a share.    -Harold Brubaker