EX-99.1
2
e501108_ex99-1.txt
PRESS RELEASE DATED 10/31/05
FIRST UNION REAL ESTATE EQUITY AND MORTGAGE INVESTMENTS
AT THE COMPANY
Carolyn Tiffany
Chief Operating Officer
(617) 570-4614
FIRST UNION REAL ESTATE EQUITY AND MORTGAGE INVESTMENTS
ANNOUNCES ACQUISITION OF 128,000 SQUARE FEET OF RETAIL AND OFFICE
SPACE IN CHICAGO
FOR IMMEDIATE RELEASE - Boston, Massachusetts- October 31, 2005-First
Union Real Estate Equity and Mortgage Investments (NYSE:FUR) announced today
that it has acquired 128,000 square feet of retail and office space in a
mixed-use building together with 208 parking spaces in Chicago, Illinois. This
acquisition was made through a joint venture in which First Union holds an 80%
interest with the balance held by an affiliate of Marc Realty LLC, to whom First
Union has previously made a number of secured loans. The gross purchase price
for the space and parking spots was $27 million. In connection with this
acquisition, First Union made a secured loan to the joint venture of $19.9
million, which loan bears interest at the prime rate. It is expected that a
first mortgage loan will be obtained in the near-term to replace this loan. The
balance of the purchase price was funded from capital contributions from First
Union and its joint venture partner.
Peter Braverman, the President of First Union, stated "we are excited
about the opportunities that this investment provides us with and further
strengthens our presence in the Chicago market and our relation with Marc
Realty."
-------------------
Certain statements contained in this press release that are
forward-looking are based on current expectations that are subject to a number
of uncertainties and risks, and actual results may differ materially. Further
information about these matters and the risks generally with respect to First
Union can be found in First Union's Annual Report on Form 10-K and Quarterly
Reports on Form 10-Q filed with the Securities and Exchange Commission.
First Union Real Estate Equity and Mortgage Investments is a NYSE-listed
real estate investment trust (REIT) headquartered in Boston, Massachusetts.

EX - 99 . 1 2 e501108 _ ex99 - 1 . txt PRESS RELEASE DATED 10 / 31 / 05 FIRST UNION REAL ESTATE EQUITY AND MORTGAGE INVESTMENTS AT THE COMPANY Carolyn Tiffany Chief Operating Officer ( 617 ) 570 - 4614 FIRST UNION REAL ESTATE EQUITY AND MORTGAGE INVESTMENTS ANNOUNCES ACQUISITION OF 128,000 SQUARE FEET OF RETAIL AND OFFICE SPACE IN CHICAGO FOR IMMEDIATE RELEASE - Boston , Massachusetts - October 31 , 2005 - First Union Real Estate Equity and Mortgage Investments ( NYSE : FUR ) announced today that it has acquired 128,000 square feet of retail and office space in a mixed - use building together with 208 parking spaces in Chicago , Illinois . This acquisition was made through a joint venture in which First Union holds an 80 % interest with the balance held by an affiliate of Marc Realty LLC , to whom First Union has previously made a number of secured loans . The gross purchase price for the space and parking spots was $ 27 million . In connection with this acquisition , First Union made a secured loan to the joint venture of $ 19.9 million , which loan bears interest at the prime rate . It is expected that a first mortgage loan will be obtained in the near - term to replace this loan . The balance of the purchase price was funded from capital contributions from First Union and its joint venture partner . Peter Braverman , the President of First Union , stated " we are excited about the opportunities that this investment provides us with and further strengthens our presence in the Chicago market and our relation with Marc Realty . " ------------------- Certain statements contained in this press release that are forward - looking are based on current expectations that are subject to a number of uncertainties and risks , and actual results may differ materially . Further information about these matters and the risks generally with respect to First Union can be found in First Union 's Annual Report on Form 10 - K and Quarterly Reports on Form 10 - Q filed with the Securities and Exchange Commission . First Union Real Estate Equity and Mortgage Investments is a NYSE - listed real estate investment trust ( REIT ) headquartered in Boston , Massachusetts .
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