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Stock Market & Financial Investment News

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July 7, 2014
16:50 EDTFURWinthrop Realty acquires remaining 50% stake in Playa Vista mezzanine loan
Winthrop Realty Trust announced that it has acquired the remaining 50% participation interest not owned by Winthrop in the mezzanine loan indirectly secured by Water's Edge at Playa Vista. As a result of the acquisition, Winthrop now holds the entire mezzanine loan. Winthrop acquired the remaining 50% interest in the mezzanine loan for a purchase price of $14M. Water's Edge is a two building, class A approximately 260,000 square foot office campus with development rights to up to an additional 180,000 square feet. At June 30, the outstanding principal balance, plus paid-in-kind interest, of the mezzanine loan was $26,480,000, which amount bears interest at LIBOR plus 15.75%. In addition, Winthrop is entitled to a participation interest equal to 25% of net equity value or sales proceeds of the property in excess of a threshold amount which is currently approximately $109,250,000.
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