Winthrop Realty Trust Originates $40 Million Mortgage Loan; Acquires
Multi-Family Property in Greensboro, North Carolina; and Expands Vintage
BOSTON, Nov. 15, 2012 (GLOBE NEWSWIRE) -- 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: firstname.lastname@example.org
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