Winthrop Paid What?
Remember when Winthrop Realty Trust bought 44 Monroe? Well, we got more details on that transaction from the SEC. (They are terrible gossips.) According to documents, Winthrop purchased 44 Monroe as part of a portfolio of apartment towers across the country (totaling 761 units) for $246M (it was previously reported that the tower itself went for $40M). The tower, developed by Grace Communities as a condo project, fell into foreclosure with Corus Bank until it was picked up by Winthrop last October. Winthrop partially funded the buy with a $150M first mortgage loan that's interest only until October 2016. The rest of the purchase price was paid in cash, the company reported.