First Union Real Estate Equity and Mortgage Investments Announces Commitment To Make Up to a $17 Million Senior Loan to Northsta
27 Febbraio 2004 - 1:05AM
PR Newswire (US)
First Union Real Estate Equity and Mortgage Investments Announces
Commitment To Make Up to a $17 Million Senior Loan to Northstar
Partnership, L.P. BOSTON, Feb. 26 /PRNewswire-FirstCall/ -- First
Union Real Estate Equity and Mortgage Investments has entered into
a commitment, subject to the satisfaction of certain conditions
precedent, to provide up to $17 million to either acquire or
refinance the existing senior indebtedness of NorthStar
Partnership, L.P. ("NorthStar") presently held by Bank ofAmerica,
N.A. The loan is secured by a first priority lien on all or a
portion of NorthStar's interest in Morgans Hotel Group LLC, Emmes
& Company LLC and Presidio Capital Investment Company, LLC as
well as certain other assets of NorthStar. First Union has agreed
to modify the loan to provide for a maturity date of May 28, 2005,
subject to two optional six-month extensions at NorthStar's
election. The loan will also be modified to provide for an initial
interest rate of at a minimum of 12% per annum, with a yield to
maturity of 12.86% and escalating interest rates during each
optional extension. Certain statements contained in this press
release that are forward-looking are based on current expectations
that are subject to a number of uncertainties and risks, and actual
results may differ materially. Further information about these
matters and the risks generally with respect to First Union can be
found in First Union's Annual Report on Form 10-K and Quarterly
Reports on Form 10-Q filed withthe Securities and Exchange
Commission. First Union Real Estate Equity and Mortgage Investments
is a NYSE-listed real estate investment trust (REIT) headquartered
in Boston, Massachusetts. DATASOURCE: First Union Real Estate
Equity and Mortgage Investments CONTACT: Carolyn Tiffany, Chief
Operating Officer of First Union Real Estate Equity and Mortgage
Investments, +1-617-570-4614
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