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The Company funded the purchase price through a combination of borrowings under its line of credit and the assumption of mortgage indebtedness.
New Castle Associates, a partnership whose partners include Ronald Rubin, PREIT Chairman and Chief Executive Officer, and George Rubin, President of PREIT's management subsidiaries and a PREIT Trustee, acquired Cherry Hill Mall from Rouse in exchange for its interest in Christiana Mall, cash and the assumption of mortgage debt.
Invensys plc announces today the sale of its air and liquid filtration business, Vokes, to McLeod Russel Holdings plc for a cash consideration of (pound)8 million, plus the assumption of mortgage liabilities of (pound)2.
The declines in coverages are attributed to GLB's assumption of mortgage debt through acquisitions in 1998 and the use of secured debt to pay down an unsecured bridge facility and reduce borrowings under its revolving line of credit.
30, 1998, and are to be financed through a combination of cash from existing sources, the assumption of mortgage financing and the placement of new mortgage financing as necessary.
00 per share, as well as $4,200,000 in cash and $5,100,000 in assumption of mortgage indebtedness.
ASE:LPF) Friday announced that it has signed a nonbinding letter of intent to sell to Security Capital Industrial Trust (SCI), a publicly traded real estate investment trust, all of the real estate it owns for a price of approximately $75 million, which will consist of about $69 million in cash plus the assumption of mortgage debt for the balance.
3 million of limited partnership units of Dundee Industrial Limited Partnership, which are exchangeable for units of Dundee Industrial REIT, and the assumption of mortgages.
On the expense side, total expenses increased by $1,430,000, or 35%, quarter over quarter, as a result of an increase in depreciation and amortization due to the ownership of additional properties, an increase in interest on mortgages payable as a result of the origination of three mortgages, the assumption of mortgages in connection with the purchase of two properties and penalties incurred in connection with the prepayment of two mortgages which had above market interest rates, and an increase in interest on our line of credit in connection with the purchase of several properties.
Terms of the sale provided for a combined price of $9,880,000, payable with cash of $750,000 at Closing, assumption of mortgages (approximately $6,100,000) and the issuance of cognovit promissory notes by the Buyer for the balance.
On the expense side, total expenses increased by $981,000, or 32%, quarter over quarter, as a result of an increase in depreciation and amortization due to the ownership of additional properties and an increase in interest on mortgages payable as a result of the origination of two mortgages, the assumption of mortgages in connection with the purchase of four properties and the refinancing of one property.
The deposits are non-refundable except if consents to the assumption of mortgages, third party financing commitments or estoppels are not obtained with respect to certain of the properties to be acquired under the Sale Contract or if certain other contingencies occur.