Windrose Medical Properties Trust Completes Permanent Financing for Houston Hospital and Medical Office Building
April 04 2006 - 5:05PM
PR Newswire (US)
INDIANAPOLIS, April 4 /PRNewswire-FirstCall/ -- Windrose Medical
Properties Trust (NYSE:WRS), a self-managed specialty medical
properties REIT, announced today that through subsidiaries it has
secured two new loans totaling $36.0 million with Charter One Bank,
N.A. to provide permanent financing for the Foundation Surgical
Hospital and the Foundation Medical Tower each located in Bellaire,
Texas. These facilities replace two secured construction loans made
in September 2004 and December 2004. The new loans require interest
only payments until October 5, 2006 and then will require regularly
scheduled payments of principal and interest. The principal
payments will be amortized over a 25 year period, with the balance
due at maturity on March 27, 2011. Currently, these loans bear
interest at LIBOR plus 1.40%. Separately, Windrose entered into an
interest rate hedge that fixes the interest rate on each of the new
loans at 5.20% for the period beginning on September 5, 2006
through maturity. The new loan for Foundation Medical Tower is
non-recourse while the new loan for Foundation Surgical Hospital is
guaranteed by Windrose. Fred S. Klipsch, Chairman and Chief
Executive Officer, stated, "We are pleased to secure these two
loans that have a lower interest rate and effectively reduce our
borrowing costs. Through the interest rate hedge, we were able to
attractively fix the interest rate. These two HADC-developed
properties were completed in December 2005 and represent what we
expect to be solid revenue generators." About Windrose Windrose is
a self-managed real estate investment trust (REIT) based in
Indianapolis, Indiana with offices in Nashville, Tennessee.
Windrose was formed to acquire, selectively develop and manage
specialty medical properties, such as medical office buildings,
outpatient treatment diagnostic facilities, physician group
practice clinics, ambulatory surgery centers, specialty hospitals,
outpatient treatment centers and other healthcare related specialty
properties. Safe Harbor Some of the statements in this news
release, including those relating to revenues associated with
Foundation Surgical Hospital and Foundation Medical Tower,
constitute forward-looking statements. Such statements include
statements about our beliefs, expectations, plans and strategies,
and are not based upon historical facts. You should not rely on our
forward-looking statements because the matters they describe are
subject to known and unknown risks, uncertainties, assumptions and
changes in circumstances, many of which are beyond our control,
which may cause our actual results to differ significantly from
those expressed in any forward-looking statement. The factors that
could cause actual results to differ materially from current
expectations include, financial performance and condition of our
tenants, adverse changes in healthcare laws, changes in economic
and general business conditions, competition for specialty medical
properties, our ability to finance our operations, the availability
of additional acquisitions, regulatory conditions and other factors
described from time to time in filings we make with the Securities
and Exchange Commission. The forward-looking statements contained
herein represent our judgment as of the date hereof and we caution
readers not to place undue reliance on such statements. We do not
undertake to publicly update or revise any forward-looking
statement whether as a result of new information, future events or
otherwise. Contact: Investors/Media: Windrose Medical Properties
Trust The Ruth Group Fred Farrar Stephanie Carrington/Jason Rando
President and COO 646 536-7017/7025 317 860-8213 DATASOURCE:
Windrose Medical Properties Trust CONTACT: Fred Farrar, President
and COO of Windrose Medical Properties Trust, +1-317-860-8213; or
Investors/Media, Stephanie Carrington, +1- -646-536-7017, , or
Jason Rando, +1- -646-536-7025, , both of The Ruth Group, for
Windrose Medical Properties Trust
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