Winthrop Realty Trust Originates $40 Million Mortgage Loan; Acquires Multi-Family Property in Greensboro, North Carolina; and Expands Vintage Housing Portfolio
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.
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