Winthrop Realty Trust Enters Into Agreement to Acquire Four Class A Luxury Apartment Buildings
13 Agosto 2013 - 10:46PM
Winthrop Realty Trust (NYSE:FUR) announced today that it has
entered into a binding purchase agreement to acquire four recently
constructed class A luxury apartment buildings for an aggregate
purchase price of $246 million. The four properties all built to
condominium specifications prior to a lender foreclosure are:
- 44 Monroe, located in Phoenix, Arizona, is a 34-story
residential building comprised of 184 units originally built for
sale as condominiums with 1,377 square feet of ground level retail
space. Constructed in 2008, the property's amenities include a
spa and swimming pool with sundeck, fully furnished clubroom,
outdoor terrace with gas grill and fire pit, 24-hour lobby
attendant, fitness center, business center, eight floors of secured
parking, and conference room.
- Highgrove, located in Stamford, Connecticut, is an 18-story
residential building comprised of 92 condominium quality
units. Constructed in 2011, the property's amenities include a
24-hour doorman and concierge, valet parking, shuttle to metro
station, fitness club and spa with steam, sauna and locker rooms,
yoga studio, sky lit indoor pool with retractable roof and Jacuzzi,
walk-in climate-controlled wine cellar, movie screening room, card
and billiards room, dog walk area, and furnished tenant guest
lodgings.
- Mosaic II, located in Houston, Texas, is a 29-story residential
building comprised of 396 units and 20,065 square feet of ground
level retail space. Constructed in 2009, the property's
amenities include a 24-hour valet service, a 6,000-square foot
wellness center with steam rooms and saunas, an infinity-edge pool,
full service 24-hour concierge services, penthouse units of up to
2,959 square feet, and a 6,500 square foot social lounge and
recreation area.
- San Pedro Lofts, located in San Pedro, California, is comprised
of 89 units in two distinct residential buildings with 3,545 square
feet of ground level retail space. Constructed in 2008, the
property's amenities include a sun deck with barbeque, an outdoor
fireplace, a fitness center, secured covered parking with a 1.6+
parking ratio in two subterranean, controlled access parking
garages, and an outdoor community courtyard.
Winthrop expects that the closing of the purchase of these
properties will take place in September/October, 2013, subject to
the customary closing conditions for transactions of this
type. Winthrop provided a $25.5 million non-refundable (except
in limited circumstances) deposit and the balance of the purchase
price is expected to be provided from a combination of cash
reserves and new secured financing. In this regard, based on a
term sheet provided by a third party lender to Winthrop, it is
anticipated that Winthrop will receive mortgage financing in
connection with the acquisition of the Properties of $150 million
at a rate of LIBOR plus 200 basis points, requiring payments of
interest only and with a term of three years with two one-year
extensions, which loan is subject to the lender's completion of its
due diligence review and credit committee approval.
Michael Ashner, Winthrop's Chairman and Chief Executive Officer
stated: "we like the optionality created by the opportunity to
acquire a cash flow positive portfolio of high quality condo
constructed multifamily assets at what we believe to be well below
replacement cost."
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: Winthrop Realty Trust
Beverly Bergman
Investor or Media Inquiries
Phone: (617) 570-4614; e-mail: bbergman@firstwinthrop.com
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