"This transaction is instrumental in our corporate directive to refocus the company on its retail franchise," says Glenn J. Rufrano, CEO and president of New Plan Realty Trust. "We find ourselves in an attractive multifamily disposition market and have taken advantage of the opportunity to sell the entire portfolio."
In connection with the sale, New Plan Realty Trust will provide to the buyer for a term not to exceed four years $35 to $40 million in mezzanine financing at an interest rate of 15% or a letter of credit for which New Plan Realty Trust will receive a 9% annual fee. In the event the letter of credit is elected, the Company will have use of these funds, resulting in a return on investment similar to the mezzanine financing option. Salomon Smith Barney advised New Plan Realty Trust in the transaction, which is expected to close no later than the third quarter of the year. The transaction is not contingent on buyer financing or environmental review.
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