Winthrop Realty Trust Announces Acquisition of First Mortgage Loan and Rake Bond
26 Luglio 2010 - 10:45PM
Winthrop Realty Trust (NYSE:FUR), a diversified REIT that focuses
on opportunistic debt and equity investments in real estate,
announced today that it has acquired for a purchase price of
approximately $27 million, a $31.1 million first mortgage loan
secured by a 276 unit class A apartment community in Tempe,
Arizona. The loan, which bears interest at a blended rate of 5.88%
and matures January 2015, has an unleveraged current yield of 8.31%
and, assuming the loan is satisfied at maturity, an unleveraged
yield to maturity of 10.11%. Winthrop financed a portion of
this transaction with borrowings under its credit facility with
KeyBank National Association.
In addition, Winthrop acquired two rake bonds with a face amount
of $2.27 million, for $1.2 million. The rake bonds are
subordinate to $17.7 million of senior debt, all of which is
secured by a three building, 229,000 square foot office complex in
Costa Mesa, California. The rake bonds mature in December
2010.
Michael L. Ashner, Winthrop's Chairman and Chief Executive
Officer, stated, "As with our most recently announced acquisitions,
we believe each of these investments provides potential for
equity-like returns with limited downside risk."
Winthrop Realty Trust is a NYSE-listed real estate investment
trust (REIT) headquartered in Boston,
Massachusetts. Additional information on Winthrop Realty Trust
is available on its Web site at www.winthropreit.com.
"Safe Harbor" Statement under the Private Securities Litigation
Reform Act of 1995. With the exception of the historical
information contained in this news release, the matters described
herein contain "forward-looking" statements that involve risk and
uncertainties that may individually or collectively impact the
matters herein described. These are detailed from time to time
in the "Risk Factors" section of the Company's SEC
reports. Further information relating to the Company's
financial position, results of operations, and investor information
is contained in the Company's annual and quarterly reports filed
with the SEC and available for download at its website
www.winthropreit.com or at the SEC website www.sec.gov.
CONTACT: Winthrop Realty Trust
Investor or Media Inquiries
Beverly Bergman
(617)570-4614
bbergman@firstwinthrop.com
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