Unassociated Document
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): April 15, 2005
CAPITAL
LEASE FUNDING, INC.
(Exact
name of registrant as specified in its charter)
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Maryland |
1-32039 |
52-2414533 |
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(State or other jurisdiction of
incorporation) |
(Commission File
Number) |
(I.R.S.
Employer Identification
No.) |
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110 Maiden Lane, New York,
NY |
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10005 |
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(Address of principal executive
offices) |
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(Zip
Code) |
Registrant’s
telephone number, including area code: (212)
217-6300
(Former
name or former address, if changed since last report.)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425) |
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Soliciting material pursuant to Rule 14a-12
under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to
Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to
Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
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Item
1.01 Entry
into a Material Definitive Agreement.
On March
3, 2005, Caplease, LP, the operating partnership of Capital Lease Funding, Inc.
(“we”) entered into a purchase and sale agreement with Aliso Commons at Town
Center, LLC. Pursuant to the agreement, we agreed to acquire a real property
known as Aliso Commons at Town Center - Phase I, in Aliso Viejo, California,
subject to various customary closing conditions.
The
purchase price for the property is $52.86 million. The property includes
approximately 185,000 rentable square feet of space. Approximately 94% of the
space is leased to two tenants, Lowe’s HIW, Inc. and Michaels Stores, Inc. The
lease to Lowe’s HIW, Inc. is guaranteed by Lowe’s Companies, Inc.
In
connection with entering into the agreement, we paid a deposit into escrow and
were granted the right to conduct a due diligence review of the property during
a due diligence period which expired on April 15, 2005. During the due diligence
period, we had the right to terminate the agreement for any reason or for no
reason and to an immediate return of our deposit.
On April
15, 2005, we amended the purchase and sale agreement and agreed to fund a loan
to the seller in the amount of approximately $42 million and assume that loan
upon closing of our acquisition. If we default in our obligations under the
agreement, the seller may elect to terminate the agreement and retain our
deposit as liquidated damages.
The
purchase of the property is expected to close on or about May 15, 2005. At
closing, our deposit and the debt we assume will be credited toward the purchase
price.
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.
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CAPITAL LEASE FUNDING, INC. |
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By: /s/
PAUL
C.
HUGHES |
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Paul C. Hughes |
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Vice President, General
Counsel and Corporate
Secretary |
DATE:
April 21, 2005