UPDATE 1-Crexus shares drop 4 percent in debut

* Crexus opens at $14.50 following IPO, falls to $14.40

* IPO priced at $15 on Wednesday, raising $200 mln

NEW YORK, Sept 17 (Reuters) - Crexus Investment Corp (CXS.N) shares fell 4 percent in their debut Thursday on the New York Stock Exchange.

The shares started trading at $14.50, then and fell slightly to $14.40 in their first session following the real estate investment trust's initial public offering on Wednesday.

Crexus priced it shares at $15 and sold 13.3 million, raising $200 million in the IPO.

Crexus estimated net proceeds from the IPO would be $191 million. It will use the proceeds to acquire, manage and finance commercial mortgage loans, commercial real estate debt, commercial mortgage-backed securities, and other commercial real estate-related assets.

Crexus will be managed by a unit of Annaly Capital Management Inc (NLY.N), a REIT. (Reporting by Phil Wahba; editing by John Wallace)