Wellsford Real Properties, Inc. (AMEX: WRP') has closed on $28 million of financing on a portfolio of seven commercial properties it acquired as a result of its purchase of Value Property Trust in February.

The transaction brings to $300 million the amount the firm has available for investments. The firm said $100 million of the total has been earmarked for the acquisition of suburban office buildings within a 400-mile radius of New York City. The remaining $200 million is anticipated to be invested in real estate debt instruments.

WRP originally acquired VPT for $169 million in cash and stock. After a series of sales and refinancings, WRP's net equity investment in VPT is only $12.6 million, and it expects a yield of approximately 28 percent after tax in 1999, including a tax benefit from acquired net operating loss carry forwards.

``This financing represents the culmination of WRP's efforts to maximize our VPT investment returns,'' said Jeffrey H. Lynford, WRP's chairman. ``In terms of liquidity, we are very well-positioned within the real estate debt and equity markets during a time of dislocation that should provide compelling opportunities.'' The properties financed include four office buildings, two industrial buildings, and one retail complex aggregating approximately 600,000 square feet, all of which are located in the Northeastern United States, except for one property which is located in California.