Winthrop Realty Trust Announces Refinancing of Mortgage Loan on Sullivan Center Property
BOSTON, Oct. 21, 2013 (GLOBE NEWSWIRE) -- Winthrop Realty Trust (NYSE:FUR) announced today that the existing mortgage loan secured by the 942,000 square foot, office and retail property located at One South State Street, in downtown Chicago, Illinois has been refinanced. The new loan replaces a $110.8 million loan that bore interest at 11% per annum with a new $113.5 million loan that bears interest at a rate of 3.95% per annum. The new loan requires payments of interest only and matures November 2018.
Winthrop holds this property through a venture in which it currently holds an approximately 35% equity interest. Winthrop also holds the mezzanine loan indirectly secured by the property that has an outstanding balance of principal and accrued interest of approximately $56.15 million and which bears interest at 15% per annum.
The property is currently 83.2% occupied and has current annual projected net operating income of approximately $13.5 million. Retail anchor tenants include Target and DSW Shoe Stores and office major tenants include The Art Institute of Chicago, the Illinois Department of Employment Security and Walgreens E-Commerce Institute.
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, real estate secured loans 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.comor at the SEC website www.sec.gov.
CONTACT: Winthrop Realty Trust Beverly Bergman Investor or Media Inquiries Phone: (617) 570-4614; e-mail: email@example.com