Winthrop Realty Trust Acquires Four Class A Luxury Apartment Buildings
31 Ottobre 2013 - 9:36PM
Winthrop Realty Trust (NYSE:FUR) announced today that it has closed
on its previously announced pending acquisition of four newly
constructed class A luxury apartment buildings for an aggregate
purchase price of $246 million. The four properties all built to
condominium specifications 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.
In connection with the acquisition Winthrop obtained a $150
million loan which has an initial term of three years, provides for
two one-year extensions, bears interest at a rate of 2.69% per
annum during the three year initial term and LIBOR plus 200 basis
points during the renewal terms and requires payments of interest
only.
Winthrop expects to enter into a venture with New Valley LLC
which venture will indirectly own the properties. When
consummated, New Valley will acquire an approximately 16% interest
and Winthrop will retain an approximately 84% managing member's
interest in the venture.
Winthrop also announced that it has also consummated its
previously announced pending transaction to acquire, through an 80%
owned venture, a 184-unit garden apartment complex located in
Oklahoma City, Oklahoma originally built in 2010. Winthrop,
which holds a preferred equity interest in the venture, contributed
$5.0 million to the venture. The property was acquired
subject to a $9.2 million loan that bears interest at 5.7%,
requires payments of principal and interest and matures in
February, 2021.
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 collateralized debt and 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: Contact at Winthrop Realty Trust
Beverly Bergman
Investor or Media Inquiries
Phone: (617) 570-4614; e-mail: bbergman@firstwinthrop.com
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