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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): July 10, 1996
ATLANTIC REALTY TRUST
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(Exact name of registrant as specified in its charter)
MARYLAND
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(State or other jurisdiction of incorporation)
0-27562 13-3849655
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(Commission File Number) (IRS Employer Identification No.)
747 Third Avenue, New York, New York 10017
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (212) 355-1255
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(Former name or former address, if changed since last report)
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Item 5. Other Events
On July 10, 1996, the registrant prepaid $3,500,000 of the principal
balance of the promissory note, dated as of May
10, 1996, between the registrant, as maker, and Ramco-Gershenson Properties,
L.P., as lender, in the original principal amount of $5,550,000.
The registrant made the prepayment out of funds received from the
prepayments of the following three morgage loans:
(i) On June 17, 1996, 1-5 Wabash Associates, L.P. paid $1,938,500
(which amount is net of deposits previously paid and amounts held in tax escrow
which, in the aggregate, totalled approximately $211,500) to the registrant in
full satisfaction of all outstanding principal and interest due to the
registrant in respect of its interest in the 1-5 Wabash Avenue mortgage loan.
As of March 31, 1996, the Net Carrying Amount of this loan was approximately
$2,200,000.
(ii) On June 26, 1996, the registrant received the aggregate amount
of $3,382,805.02 in full satisfaction of all principal and interest due to the
registrant in respect of its interest in the 1733 Massachusetts Avenue mortgage
loan. As of March 31, 1996, the Net Carrying Amount of this loan was
$2,537,675 (which includes deferred interest accrued of $337,675).
(iii) On July 12, 1996, 1940 Associates paid approximately $539,800
to the registrant in full satisfaction of all outstanding principal and
interest due to the registrant in respect of its interests in the NCR Building
mortgage loan. As of March 31, 1996, the Net Carrying Amount of this loan was
approximately $238,000 (which amount is net of allowance for possible losses of
$231,000).
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
ATLANTIC REALTY TRUST
(Registrant)
Date: July 18, 1996 By: /s/Edwin R. Frankel
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Edwin R. Frankel, Executive Vice
President, Chief Financial Officer and
Secretary
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