Winthrop Realty Trust Acquires Four Class A Luxury Apartment Buildings
BOSTON, Oct. 31, 2013 (GLOBE NEWSWIRE) -- 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
*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
Investor or Media Inquiries
Phone: (617) 570-4614; e-mail: firstname.lastname@example.org
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