Winthrop Realty makes an acquisition

"The acquisition of the remaining portion of the Playa Vista mezzanine loan is one of a limited number of investments we may make within our existing portfolio in the future," says Winthrop (FUR -0.3%) CEO Michel Ashner. Winthrop, of course, is in the process of liquidating its assets as the best way to realize share value.

Purchased today is the remaining 50% interest in a mezzanine loan indirectly secured by Water's Edge at Playa Vista - a 2-building, 260K square foot office campus. The purchase price was $14M and the outstanding principal balance -  bearing interest of Libor plus 15.75% - is $26.48M.

Comments (1)
  • coyote flaco
    , contributor
    Comments (109) | Send Message
    Is there any other consideration in the terms and conditions in this transaction, such as a pound of flesh in the event of default?
    8 Jul 2014, 11:57 AM Reply Like
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