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New York REIT secures $760M of financing

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New York REIT secures $760M of financing

New York REIT closed on $760 million of financing that it will use to repay an outstanding credit facility balance of $485 million and to help pay for its acquisition of most or all of the remaining equity interest in Worldwide Plaza in Manhattan, N.Y.

The company owns a 48.9% interest in Worldwide Plaza.

New York REIT will also use the financing proceeds to facilitate its planned liquidation and dissolution, which will be put to a shareholder vote Jan. 3, 2017. In a separate filing, the company said it expects its liquidation to result in net proceeds to shareholders of $8.49 per share to $11.26 per share.

The company recently selected Winthrop REIT Advisors LLC as its new external adviser to oversee the liquidation process for the company.

The $760 million in financing was provided by Credit Suisse. The company obtained the new financing in part because its former credit facility did not permit a liquidation or sale of all or substantially all of its real estate holdings.