– REIT to prepare 4.5 million Mutable Development Loan to finance Minto Properties interest in a redevelopment joint venture –
Ottawa, March 24, 2022 / CNW / – The Mento Apartment Real Estate Investment Trust (“REIT”) (TSX: MI.UN) today announced an agreement to provide convertible development loans. 4.5 million (“Funding”) Minto Properties Inc. (“MPI”) to finance 80% to 45% of the MPI’s interest in a joint venture (“JV”) with Greystar’s shareholders (“Greystar”) and one of its subsidiaries. Of Canada One of the biggest investment managers. Today, JV acquired the University Heights shopping mall in which it is located Sanich, British Columbia at the Greater Victoria area (“University Heights” or “Property”) intends to renovate a portion of the 11.5-acre site. The MPI and the Managing Investment Manager each have a 45% interest in JV, while Greister has a 10% interest and will serve as the Development Manager. Funding is made up of A. .5 40.5 million Direct facilitation and a 4.5 million Interest reserve
The property is currently occupied by a 119,000-square-foot shopping center and a 76,000-square-foot home depot store. JV will revitalize the shopping center’s mixed-use multi-dwelling and retail property, with five six-story wooden frame buildings with 593 rental suites at the top of the 113,485-square-foot retail outlet. The property is subject to a long-term lease with the Home Depot, which will expand its store to about 9,200 square feet and add a new garden center and about 20,000 square feet of seasonal outdoor area.
University Heights is located in an interesting location Of Sanich Shelbourne Valley Neighborhood within 1.4 km Victoria University (22,000 students enrolled and 5,350 staff), and within 2.8 kilometers of Camuson College city center (20,400 students enrolled and 1,200 staff located on two campuses). Greater Victoria area). There is good access to public transit, and the property is surrounded by attractive amenities, including parks, beaches and a library. University Heights has a walk score of 77 and a bicycle score of 88. There is a significant demand for rental housing for students in the area, with low-purpose rental offerings and historically low holiday rates. Two of the five buildings on the property will specifically target students with small furnished suites and student-centered facilities.
“Our first investment in Afghanistan Greater Victoria area Represents an important strategic milestone for REIT, ”he said Michael WatersCEO of REIT. “It exposes the geographical diversity and the strong rental market Victoria The rental market is characterized by low vacancy rates and is supported by strong population and job growth. University Heights is located close to two post-secondary institutions. We see these exciting investments as a building block for sustainable development in the region. “
The financing will have an interest rate of 7% per annum, which will be repaid in full on the survival of the loan. REIT intends to finance the financing through existing cash and refer it to its repayable credit facility. The financing is fully funded by the MPI and is, among other things, secured by a mortgagee on the property. Funding will be subject to high-rise construction and land financing.
Approval for the development permit is expected in the spring of 2022 and construction will begin by the end of 2022 or early 2023 with the projected stability of 2026. Depending on the stability, REIT will have the option to take 45% of the MPI interest in the university high at 5%. Discount to the then assessed fair market value.
MPI is a party affiliated to REIT. Accordingly, the terms of financing have been reviewed, considered and approved by the REIT Independent Deposits Committee.
About the Manto Apartment Real Estate Investment Trust
The Manto Apartment Real Estate Investment Trust is a non-profit, open-end real estate investment trust established following a declaration of confidence in accordance with the laws of this province. Ontario Own, develop, and operate income-generating multi-occupancy properties in urban markets Canada. REIT has a portfolio of high quality income generating multi-residential rental properties located TorontoMontreal Ottawa, Calgary And Edmonton. Find out more about the Minto Apartment REIT page on Facebook www.mintoapartments.com.
Greister is a global leader in rental housing with expertise in the real estate sector across many geographies. The company’s business model is unique in its ability to own, operate, and develop college, multi-family, corporate, and senior homes worldwide. Greister has 64 offices and more than 22,000 employees operating in 215 global markets. Garrison’s business services include development and construction, property management and investment management and more. 3 billion In managed assets. For more information on Greystar please visit her website www.greystar.com.
This news release may contain forward-looking information in the sense of applicable warranty law, which reflects REIT’s current expectations of future events and may in some cases be identified by such terms as “request” and “expectation”. . Forward-looking information is based on a number of assumptions and faces a number of risks and uncertainties, many of which are beyond the control of REIT and may result in actual outcomes and events differing from those disclosed. Or attached. Interesting information. Such risks and uncertainties include, but are not limited to, the completion of the transition as expected in this report, and to the discussion of “risks and uncertainties” in REIT’s latest management discussion and analysis. The following factors exist. SEDAR (www.sedar.com). REIT has no obligation to update such visitor information, whether as a result of new information, future events or otherwise, unless expressly required by applicable law. This visitor information only depends on the date of publication of this news.
Source MINTO Real Estate Investment Trust
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