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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
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CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
JULY 30, 1998
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Date of report (Date of
earliest event reported)
WILSHIRE REAL ESTATE INVESTMENT TRUST INC.
(Exact name of registrant as specified in its charter)
MARYLAND 0-23911 52-2081138
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(State or other Commission File Number (I.R.S. Employer
jurisdiction of Identification Number)
incorporation)
1776 SW MADISON STREET, PORTLAND, OR 97205
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(Address of principal executive offices) (Zip Code)
(503) 223-5600
Registrant's telephone number, including area code
Not Applicable
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(Former name or former address, if changed since
last report)
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ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS.
On July 30, 1998, Wilshire Real Estate Investment Trust Inc. (the
"Company") purchased a loan from Credit Suisse First Boston Mortgage Capital
LLC, an unaffiliated third party for approximately $66.0 million. The loan is
secured by a first lien on the membership interests in the limited liability
company which owns the MGM Plaza, a 1,079,076 square foot office complex
comprised of six (6) class "A" office buildings located in Santa Monica,
California. The loan bears interest at a LIBOR based rate and matures in
November 2000. The office complex is substantially leased for extended periods
to three major corporate tenants and certain companies that provide services to
them. The source of the funds used to make the loan was a $56.1 million
repurchase facility from Credit Suisse First Boston Mortgage Capital LLC and
available cash.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(a) As of the date of this Form 8-K, the applicable financial statements are
not available, but will be filed by the Company on Form 8-K as soon as
practicable.
(b) As of the date of this Form 8-K, the pro forma financial information
is not available, but will be filed by the Company on Form 8-K as soon as
practicable.
(c) Exhibits.
10.1 Mezzanine Loan Sale Agreement, between Credit Suisse First Boston
Mortgage Capital LLC and Wilshire Real Estate Partnership L.P., dated
July 30, 1998.
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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 hereunto duly authorized.
WILSHIRE REAL ESTATE
INVESTMENT TRUST INC.
Date: September 29, 1998 By: /s/ Chris Tassos
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Chris Tassos
Executive Vice President and
Chief Financial Officer
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