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Wednesday, 13 October 1999

JP Morgan Provides $85.2 Mln Mortgage to Abbey Co.

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October 14, 1999

GARDEN GROVE, Calif. – J.P. Morgan & Co. has provided an $85.2 million fixed-rate mortgage to The Abbey Co., which used proceeds to retire a revolving line of credit from JP Morgan and Wellsford Real Properties (AMEX:WRP).

The 10-year, interest-only loan is backed a portion of the company's 2.8 million-square-foot portfolio. It carries a rate of about 7.5 percent.

"This fixed-rate note not only ensures the continued stability of our portfolio but reflects Abbey's general business plan for the on-going acquisitions of office, industrial, and retail properties as long-term investments," said Donald G. Abbey, president and chief executive of the firm.

Earlier in the year, Abbey's buying power was bolstered by a $125 million investment from Rodamco NA. That allowed it to add more than 1 million sf to its portfolio.
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Additional Info

  • Syndicate to Realpoint: No
  • Subject: Mortgages/Financing (MOR)
  • Company: JDN Realty, Carlton Group, Wyndham International Inc.
  • Valuation: Between $50 million and $100 million
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