Crystal River Reports Third Quarter 2008 Financial Results; Declares Fourth Quarter 2008 Dividend of $0.10 Per Share
Market Wire, November, 2008
REAL ESTATE LOAN INVESTMENT PORTFOLIO
At September 30, 2008, Crystal River's real estate loan portfolio, which consists of mezzanine loans, a construction loan and a whole loan, totaled $31.4 million and had a weighted average interest rate of 9.1%. Crystal River recorded a $4.4 million loan loss allowance on its real estate loan holdings during the quarter ended September 30, 2008.
As previously announced, Crystal River sold whole loans for $27.1 million in the third quarter of 2008 that the Company had previously designated for sale. Furthermore, Crystal River's $9.6 million investment in a construction loan matured during the third quarter of 2008. The investment, which paid off at par, had a floating-rate coupon of LIBOR plus 3.1%. The proceeds from the sales and the loan repayment were used to repay debt.
Real estate loan portfolio at September 30, 2008:
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