January 29, 2008
CBRE Realty Finance clinches $45M deal
Hartford-based CBRE Realty Finance Inc. announced a $45 million sale today as it sold off an asset in Towson, Md. The transaction completed the sale of Rodgers Forge, a 508-unit condominium conversation project, which had come under company control after going through foreclosure in 2007.
The sale will generate net cash proceeds to the company of about $8.1 million, and the disposition will result in about $2.1 million in gains for the first quarter 2008.
"We are pleased to complete the sale of Rodgers Forge, which reflects our stated objective to further stabilize our business and put the foreclosed non-core assets behind us," said president and CEO Kenneth J. Witkin, who went on to say that this approach will enable the company to establish profitability in the future.
WBJ Web Partners
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