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4-Traders Homepage  >  Equities  >  OTC Bulletin Board - Other OTC  >  First Real Estate Investment Trust of NJ    FREVS

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FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY : Other Events (form 8-K)

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02/09/2018 | 10:13pm CET

Item 8.01 Other Events

On February 7, 2018, Grande Rotunda, LLC, (a 60% owned affiliate of First Real Estate Investment Trust of New Jersey) refinanced its $115.3 million construction loan held by Wells Fargo with a new loan held by Aareal Capital Corporation in the amount of $121.9 million. This refinancing paid off the loan previously held by Wells Fargo, provides up to an additional $3.4 million for retail tenant improvements and leasing costs and has funded loan closing costs. This loan, secured by the Rotunda property, has an initial term of three years with two one-year renewal options and bears a floating interest rate at 285 basis points over the one-month LIBOR rate. As part of this transaction, Grande Rotunda, LLC purchased an interest rate cap on LIBOR, capping the one-month LIBOR rate at 3%.

The statements in this report that relate to future earnings or performance are

forward-looking. Actual results might differ materially and be adversely

affected by such factors as longer than anticipated lease-up periods or the inability of tenants to pay increased rents. Additional information about these

 factors is contained in the Trust's filings with the SEC including the Trust's
            most recently filed reports on Form 10-K and Form 10-Q.

© Edgar Online, source Glimpses

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First Real Estate Investme Technical Analysis Chart | FREVS | US3361421049 | 4-Traders
Managers
NameTitle
Robert S. Hekemian Chairman & Chief Executive Officer
Donald W. Barney President, CFO, Treasurer & Trustee
Herbert C. Klein Independent Trustee
Robert S. Hekemian Trustee
David F. McBride Independent Trustee
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