As filed with the Securities and Exchange Commission on April 6, 1998
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported) March 20, 1998
CAPITAL TRUST
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(Exact name of registrant as specified in its charter)
California 1-8063 94-6181186
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(State or other (Commission (I.R.S. Employer
jurisdiction of File Number) Identification No.)
incorporation)
605 Third Avenue, 26th Floor
New York, New York 10016
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(Address of principal executive offices) (Zip Code)
(212) 655-0220
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(Registrant's telephone number, including area code)
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(Former name or former address, if changed since last report)
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ITEM 2. Acquisition or Disposition of Assets
On March 20, 1998, the Registrant originated and funded in part a $50.0
million subordinate acquisition loan (the "Acquisition Loan") to MSDW 140
Broadway, L.L.C. (the "Borrower"). At closing, the Registrant advanced
approximately $37.6 million.
The Acquisition Loan is secured by, among other things, a pledge of the
ownership interests in the entity that owns the office building located at 140
Broadway, New York, NY (the "Property"). The Property, which was built in 1967,
is a 52-story office building located in downtown Manhattan containing
approximately 1.2 million square feet.
Proceeds from the funded portion of the Acquisition Loan, in
conjunction with the proceeds from a concurrent senior loan, were used primarily
to acquire the Property and to establish an interest reserve; additional funds
may be borrowed under the Acquisition Loan for approved costs incurred in
conjunction with leases executed in accordance with pre-determined guidelines
and base building improvement work pursuant to an approved budget.
The Acquisition Loan was funded with a combination of existing cash
(25%) and financing (75%) under the Registrant's existing credit facility. The
Acquisition Loan has a term of three years and may be extended by the Borrower,
subject to certain terms and conditions, for an additional year. The Acquisition
Loan is non-amortizing and bears interest at a specified rate above LIBOR.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
CAPITAL TRUST
(Registrant)
Date: April 6, 1998 By: /s/ Edward L. Shugrue III
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Name: Edward L. Shugrue III
Title: Chief Financial Officer
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