Winthrop Realty Trust Announces Acquisition of Remaining 50% Participation in
Its Playa Vista Mezzanine Loan
BOSTON, July 7, 2014 (GLOBE NEWSWIRE) -- 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
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
"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
Investor or Media Inquiries
Phone: (617) 570-4614; e-mail: email@example.com
Press spacebar to pause and continue. Press esc to stop.