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Wellsford Residential Property Trust issues $25 million of medium-term notes at LIBOR + .32%.

NEW YORK--(BUSINESS WIRE)--Nov. 26, 1996--Wellsford Residential Property Trust (NYSE: WRP) announced today that it has issued $25 million of unsecured notes through its medium-term note program.

The notes bear interest at LIBOR + 32 basis points, mature in November 1999 and are callable in November 1997. Proceeds from the issuance will be used to repay amounts outstanding on the company's credit facility, which bear interest at LIBOR + 1.50%.

This represents WRP's second refinancing during the fourth quarter. During October 1996, the company remarketed tax-exempt bonds collateralizing its Marks West project. Those bonds now bear interest at 6.65% and require no principal payments until their maturity in October 2026.

Commenting on these financings, Jeffrey H. Lynford, chairman of Wellsford, stated that he was extremely pleased with the pricing of these financings, which reflect the benefits of a coordinated strategy to implement a corporate capital structure, instead of the traditional mortgage financing used by many real estate companies.

Wellsford is a fully integrated, self administered equity REIT that owns and operates 75 multifamily communities containing 18,974 apartment units located in the Southwest and Pacific Northwest regions of the United States.

CONTACT: Wellsford Residential Property Trust

Gregory F. Hughes, 212/333-2300
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Publication:Business Wire
Date:Nov 26, 1996
Words:202
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