Winthrop Realty Trust Originates $40 Million Mortgage Loan; Acquires Multi-Family Property in Greensboro, North Carolina; and E
15 Novembre 2012 - 10:30PM
Winthrop Realty Trust (NYSE:FUR) announced today that it has
originated a $40 million first mortgage loan secured by 67 luxury
condominium units at Queensridge Towers in Las Vegas, Nevada. The
Queensridge loan requires monthly payments of interest only at a
rate of LIBOR plus 11.5%, with a 0.50% LIBOR floor, and matures on
November 15, 2014, subject one twelve month extension.
Simultaneously with the origination of the Queensridge loan,
Winthrop obtained a $25 million loan from KeyBank National
Association which is secured by the Queensridge loan. The KeyBank
loan is co-terminus with the Queensridge loan and requires monthly
payments of interest only at a rate of LIBOR plus 4.0%. The KeyBank
loan is recourse to Winthrop and its wholly-owned operating
partnership, WRT Realty L.P.
Winthrop also recently acquired a 284 unit multi-family property
for an aggregate purchase price of $17.5 million. The property,
which is located in Greensboro, North Carolina, is presently 96%
occupied. In connection with this acquisition, Winthrop assumed the
existing $13.6 million non-recourse mortgage loan which bears
interest at 6.22% per annum, matures on August 1, 2016 and requires
payments of interest only.
In addition, Winthrop and its joint venture partner in the
Vintage Housing venture have entered into agreement to develop a
low-income housing tax-credit apartment community to be located in
Snohomish County, Washington. This is the venture's fifth
acquisition/project since its initial investment in the Vintage
Housing portfolio. Upon completion, the project will be
comprised of 204 units increasing the number of properties in the
Vintage Housing venture to 30 properties containing a total of
5,485 units.
About Winthrop Realty Trust
Winthrop Realty Trust, headquartered in Boston, Massachusetts,
is a NYSE-listed real estate investment trust (REIT) focused on
acquiring, owning, operating and investing in real property as well
as real estate financial instruments including CMBS, bonds, REIT
preferred and common stock. For more information, please visit our
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: Beverly Bergman
Investor or Media Inquiries
Phone: (617) 570-4614; e-mail: bbergman@firstwinthrop.com
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