PSW Settles Litigation Regarding The Foreclosure Of Peter Cooper Village/Stuyvesant Town Mezzanine Loans
BOSTON, Oct. 26, 2010 (GLOBE NEWSWIRE) -- PSW NYC, LLC, a venture between Winthrop Realty Trust (NYSE:FUR) and funds managed by Pershing Square Capital Management, L.P., has settled the outstanding litigation with CWCapital Asset Management LLC ("CWCAM"), acting as special servicer on behalf of the Trusts that it represents, relating to PSW's foreclosure on the Peter Cooper Village/Stuyvesant Town Mezzanine 1-3 loans. The settlement provides, in part, for the payment to PSW of $45 million and the transfer to CWCAM, on behalf of the Trusts, the Mezzanine 1-3 loans previously owned by PSW. Winthrop is entitled to receive $10.125 million of the settlement payment on account of its 22.5% interest in PSW.
Winthrop Realty Trust is a NYSE-listed real estate investment trust (REIT) headquartered in Boston, Massachusetts. Additional information on Winthrop Realty Trust is available on its Web site at www.winthropreit.com .
CONTACT: Winthrop Realty Trust Investor or Media Inquiries Beverly Bergman (617) 570-4614 firstname.lastname@example.org
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