Stock Quote
Symbol RTYFZ (Common Stock)
Last Trade$0.30
Change + 0.01
12/06/13 4:00 p.m. ET
Minimum 20 minute delay

Investor Relations

Press Releases

Printer Friendly Version View printer-friendly version
<< Back
CBRE Realty Finance, Inc. Announces Termination of Wachovia Credit Facility
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 unencumbered investments.

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

Forward-Looking Information

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.

Michael Angerthal
Chief Financial Officer
(860) 275-6222

SOURCE CBRE Realty Finance, Inc.