HARTFORD, Conn., June 23, 2008 /PRNewswire-FirstCall via COMTEX News Network/ -- CBRE Realty Finance,
Inc. (NYSE: CBF) today announced that it has paid down and terminated its
credit facility with Wachovia Bank, N.A. As a result of this termination, the
Company noted that its entire balance sheet is now either unlevered or fully
match funded and term financed.
Kenneth J. Witkin, president and chief executive officer, commented, The
successful pay-off and termination of our short-term credit facility marks
another step in further stabilizing our liquidity position. We have now
completely eliminated any mark to market liquidity exposure in our portfolio.
Today's announcement advances our goals of managing liquidity, stabilizing our
portfolio and continuing to emphasize proactive asset and risk management. We
are now continuing to focus on unlocking value from our $170 million of
About CBRE Realty Finance, Inc.
CBRE Realty Finance, Inc. is a commercial real estate specialty finance
company primarily focused on originating, acquiring, investing in, financing
and managing a diversified portfolio of commercial real estate-related loans
and securities. CBRE Realty Finance has elected to qualify to be taxed as a
real estate investment trust, or REIT, for federal income tax purposes. CBRE
Realty Finance is externally managed and advised by CBRE Realty Finance
Management, LLC, an indirect subsidiary of CB Richard Ellis Group, Inc. and a
direct subsidiary of CBRE/Melody & Company. For more information on the
Company, please visit the Company's website at
This press release contains forward-looking statements based upon the
Company's beliefs, assumptions and expectations of its future performance,
taking into account all information currently available. These beliefs,
assumptions and expectations can change as a result of many possible events or
factors, not all of which are known to the Company or are within its control.
If a change occurs, the Company's business, financial condition, liquidity and
results of operations may vary materially from those expressed in its forward-
looking statements. The factors that could cause actual results to vary from
the Company's forward-looking statements include the Company's future
operating results, its business operations and prospects, general volatility
of the securities market in which the Company invests and the market prices of
its common stock, the Company's ability to begin making investments in the
future, availability, terms and development of short-term and long-term
capital, availability of qualified personnel, changes in the industry,
interest rates, the debt securities, credit and capital markets, the general
economy or the commercial finance and real estate markets specifically,
performance and financial condition of borrowers and corporate customers,
increased prepayments of the mortgage and other loans underlying the Company's
investments, the status of the class action lawsuit, the potential derivative
shareholder claim and any future litigation that may arise, the ultimate
resolution of the Company's three non-performing loans totaling $94.8 million
and the Company's three watch list loans totaling $29.8 million, the
monetization of the Company's joint venture investments, the outcome of the
Company's exploration of operational and strategic initiatives, and other
factors, which are beyond the Company's control. The Company undertakes no
obligation to publicly update or revise any of the forward-looking statements.
For further information, please refer to the Company's filings with the
Securities and Exchange Commission.
AT CBRE REALTY FINANCE:
Chief Financial Officer
SOURCE CBRE Realty Finance, Inc.