Winthrop Realty Trust Receives Payment on Its Edens-Norridge Mezzanine Loan
BOSTON, Feb. 5, 2015 (GLOBE NEWSWIRE) -- Winthrop Realty Trust (NYSE:FUR) ("Winthrop") announced today that Norridge Commons in Norridge, Illinois, one of the two properties indirectly securing its mezzanine loan in the original principal amount of $15,500,000, was sold. In connection with the sale, Winthrop received a $15,521,700 prepayment on the mezzanine loan which, after giving effect to accrued interest, results in an outstanding balance remaining on the mezzanine loan of approximately $225,000. Upon satisfaction of the loan, Winthrop is entitled to an additional participation interest equal to the greater of (i) a 14.5% IRR (increasing to 15.5% IRR March 2017) and (ii) 30% (increasing to 40% after March 2017 and 50% after March 2018) of the value of the properties in excess of $115,000,000.
About Winthrop Realty Trust
Winthrop, headquartered in Boston, Massachusetts, is a NYSE-listed real estate investment trust (REIT). Winthrop's shareholders recently adopted a plan of liquidation pursuant to which Winthrop is liquidating and winding down and, in connection therewith, is seeking to sell its assets in an orderly fashion to maximize shareholder value. For more information, please visit our website 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.
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