This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

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.com or at the SEC website www.sec.gov .

CONTACT: Winthrop Realty Trust
         Beverly Bergman
         Investor or Media Inquiries
         Phone: (617) 570-4614;
         e-mail: bbergman@firstwinthrop.com

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,904.94 -23.26 -0.13%
S&P 500 2,088.99 -0.47 -0.02%
NASDAQ 4,934.7410 -4.5860 -0.09%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs