VINLAND PROPERTY TRUST RECEIVES $4.5 MILLION IN CASH
VINLAND PROPERTY TRUST RECEIVES $4.5 MILLION IN CASH DALLAS, Dec. 13 /PRNewswire/ -- Vinland Property Trust
(NASDAQ: VIPTS) today announced it received net proceeds of approximately $4.5 million after the discounted payoff of a delinquent mortgage receivable. The note was secured by the 360-unit Swiss Village apartments in Houston.
"The trust has been juggling its capital needs with its very thin liquidity for some time," said a spokesperson for the trust. "This unexpected payoff leaves Vinland in an adequately financed position." Vinland Property Trust is a combination mortgage and equity real estate investment trust which operates primarily in Texas and Oklahoma. -0- 12/13/91 /CONTACT: Jean Krone Bono of Vinland Property Trust, 214-692-4800/ (VIPTS) CO: Vinland Property Trust ST: Texas IN: FIN SU: SM -- NY059 -- 2519 12/13/91 16:35 EST
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|Date:||Dec 13, 1991|
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