Winthrop Realty Trust Announces Acquisition of Remaining 50% Participation in Its Playa Vista Mezzanine Loan
07 Luglio 2014 - 10:47PM
Winthrop Realty Trust (NYSE:FUR) ("Winthrop") announced today that
it has acquired the remaining 50% participation interest not owned
by Winthrop in the mezzanine loan indirectly secured by Water's
Edge at Playa Vista. As a result of the acquisition, Winthrop now
holds the entire mezzanine loan. Winthrop acquired the
remaining 50% interest in the mezzanine loan for a purchase price
of $14,000,000. Water's Edge is a two building, class A
approximately 260,000 square foot office campus with development
rights to up to an additional 180,000 square feet.
At June 30, 2014, the outstanding principal balance, plus
paid-in-kind interest, of the mezzanine loan was $26,480,000, which
amount bears interest at LIBOR plus 15.75%. In addition,
Winthrop is entitled to a participation interest equal to 25% of
net equity value or sales proceeds of the property in excess of a
threshold amount which is currently approximately $109,250,000.
Michael L. Ashner, Winthrop's Chairman and Chief Executive
Officer, stated, "while we are seeking shareholder consent to a
plan of liquidation, the acquisition of the remaining portion of
the Playa Vista mezzanine loan is one of a limited number of
investments we may make within our existing portfolio in the
future."
About Winthrop Realty Trust
Winthrop, 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: Winthrop Realty Trust
Carolyn Tiffany
Investor or Media Inquiries
Phone: (617) 570-4614; e-mail: ctiffany@firstwinthrop.com
Grafico Azioni Winthrop (NYSE:FUR)
Storico
Da Set 2024 a Ott 2024
Grafico Azioni Winthrop (NYSE:FUR)
Storico
Da Ott 2023 a Ott 2024