TMCnet News
VESTIN REALTY MORTGAGE I, INC. FILES (8-K) Disclosing Other Events(Edgar Glimpses Via Acquire Media NewsEdge) Item 8.01 Other Events Vestin Realty Mortgage I, Inc. ("VRTA") announced that on June 16, 2014, VRTA along with the board of directors of Vestin Realty Mortgage II, Inc. ("VRTB") approved the purchase of MVP REIT, Inc.'s ("MVP") membership interest in two office buildings. Under the terms of the proposed transaction, VRTA and VRTB collectively will purchase a one hundred percent (100%) interest in Building A, LLC for that certain office building located at 8880 West Sunset Road, Las Vegas, Nevada and will purchase the remaining approximately fifty-eight percent (58%) interest in Building C, LLC for that certain office building located at 8930 West Sunset Road, Las Vegas, Nevada. VRTB had previously purchased the other forty-two percent (42%) membership interest. As such, upon completion of these purchases, VRTA and VRTB collectively will own 100% of the membership interests of both office buildings. It is anticipated the membership interests will be allocated in proportion to the assets currently held by VRTA and VRTB. The purchase price for the remaining membership interests in Building A, LLC will collectively be approximately $3,600,000. Building A, LLC currently has approximately $8,500,000 in indebtedness on the property which will remain after the purchase is complete. The purchase price for the membership interest in Building C, LLC will collectively be approximately $6,600,000. Building C, LLC currently has approximately $8,500,000 in indebtedness on the property which will remain after the purchase is complete. The purchase price for both buildings was equal to the amount paid by MVP to acquire the buildings which acquisition was within the past twelve (12) months. No commissions will be paid in connection with the purchase. The proposed acquisition is subject to the completion of definitive agreements being executed. It is currently anticipated that the closing for the acquisitions will take place in July 2014 however there can be no assurance when and if these acquisitions will be completed. -------------------------------------------------------------------------------- |