TORONTO, Dec. 20, 2022 (GLOBE NEWSWIRE) — Agency Capital Property Belief (“FCPT” or the “Belief”) (TSX : FCD.UN) is happy to supply updates on latest financing exercise:
$44.0 MILLION MONTREAL INDUSTRIAL MORTGAGE FINANCE UPDATE
On December 1, 2022, the Belief entered into an early mortgage renewal of its $44.0 million mortgage on our Montreal Industrial Portfolio at a 4.88% rate of interest, 30 12 months amortization and 7 12 months time period. The earlier mortgage was at a 3.98% rate of interest and set to mature in August 2023. As a part of the early reimbursement of the mortgage, the lender paid an early break payment of roughly $0.6 million to the property partnership. The Belief will use its proceeds from the early termination to scale back the Belief’s credit score facility. The Belief has a 50% curiosity within the property and a corresponding $22.0 million mortgage.
$13.6 MILLION ALBERTA INDUSTRIAL MORTGAGE FINANCE UPDATE
On December 7, 2022, the Belief entered right into a refinancing of two maturing mortgages on two properties and a brand new mortgage on a latest acquisition throughout the Alberta Industrial Portfolio for a complete new mortgage of $6.7 million. Phrases are a 4.78% rate of interest, 30 12 months amortization and 7 12 months time period. The proceeds of the financing are being blended into an current $6.9 million mortgage. Consequently, the blended mortgage will now have a brand new principal steadiness of $13.6 million, 4.15% rate of interest, 30 12 months amortization and 7 12 months time period. The Belief has a 50% curiosity within the property and a corresponding $6.8 million mortgage.
$35.9 MILLION WATERLOO INDUSTRIAL MORTGAGE FINANCE UPDATE
On December 19, 2022, the Belief entered into an early mortgage renewal of its $35.9 million mortgage on our Waterloo Industrial Portfolio at a 4.77% rate of interest, 30 12 months amortization and 7 12 months time period. The earlier mortgage was floating at an rate of interest of prime plus 25 bps and set to mature in Could 2023. The Belief has a 70% curiosity within the property and a corresponding $25.1 million mortgage.
ADDITIONAL RECENT AND PENDING MORTGAGE FINANCINGS / REFINANCINGS
The Belief has now locked in rates of interest for all or our industrial properties maturing within the subsequent 12 months with a seven 12 months time period. The Belief has one remaining mortgage for $39.5 million that matures in Q1 2023 that pertains to the Pointe Claire, QC residential property. The Belief is within the strategy of finalizing its CMHC insurance coverage for the mortgage and intends to lock in charges for a ten 12 months time period within the first quarter of 2023. Primarily based on the present 10 12 months bond the indicative rate of interest can be within the vary of three.9% to 4.0%.
ABOUT FIRM CAPITAL PROPERTY TRUST (TSX : FCD.UN)
Agency Capital Property Belief is concentrated on creating long-term worth for Unitholders, via capital preservation and disciplined investing to attain steady distributable revenue. In partnership with administration and business leaders, The Belief’s plan is to co-own a diversified property portfolio of multi-residential, flex industrial, web lease comfort retail, and core service supplier skilled house. Along with stand alone accretive acquisitions, the Belief will make joint acquisitions with robust monetary companions and acquisitions of partial pursuits from current possession teams, in a way that gives liquidity to these promoting house owners {and professional} administration for these remaining as companions. Agency Capital Realty Companions Inc., via a construction targeted on an alignment of pursuits with the Belief sources, syndicates and property and asset manages investments on behalf of the Belief.
For the entire monetary statements, Administration’s Dialogue & Evaluation and supplementary info, please go to www.sedar.com or the Belief’s web site at www.firmcapital.com
FORWARD LOOKING INFORMATION
This press launch might comprise forward-looking statements. In some instances, forward-looking statements will be recognized by way of phrases corresponding to “might”, “will”, “ought to”, “count on”, “plan”, “anticipate”, “imagine”, “estimate”, “predict”, “potential”, “proceed”, and by discussions of methods that contain dangers and uncertainties. The forward-looking statements are based mostly on sure key expectations and assumptions made by the Belief. By their nature, forward-looking statements contain quite a few assumptions, inherent dangers and uncertainties, each basic and particular, that contribute to the chance that the predictions, forecasts, projections and varied future occasions is not going to happen. Though administration of the Belief believes that the expectations mirrored within the forward-looking statements are cheap, there will be no assurance that future outcomes, ranges of exercise, efficiency or achievements will happen as anticipated. Neither the Belief nor every other particular person assumes accountability for the accuracy and completeness of any forward-looking statements, and nobody has any obligation to replace or revise any forward-looking assertion, whether or not on account of new info, future occasions or such different elements which have an effect on this info, besides as required by regulation.
This press launch shall not represent a proposal to promote or the solicitation of a proposal to purchase, which can be made solely by the use of a prospectus, nor shall there be any sale of the Models in any state, province or different jurisdiction during which such provide, solicitation or sale can be illegal previous to registration or qualification beneath securities legal guidelines of any such state, province or different jurisdiction. The Models of the Agency Capital Property Belief haven’t been, and won’t be registered beneath the U.S. Securities Act of 1933, as amended, and is probably not supplied, offered or delivered in the US absent registration or an utility for exemption from the registration necessities of U.S. securities legal guidelines.
Neither the Alternate nor its Regulation Companies Supplier (as that time period is outlined within the insurance policies of the TSX) accepts accountability for the adequacy or accuracy of this launch. Extra details about the Belief is accessible at www.firmcapital.com or www.sedar.com.
| For additional info, please contact: | ||
| Robert McKee | Sandy Poklar | |
| President & Chief Govt Officer | Chief Monetary Officer | |
| (416) 635-0221 | (416) 635-0221 | |
| For Investor Relations info, please contact: | ||
| Victoria Moayedi | ||
| Director, Investor Relations | ||
| (416) 635-0221 | ||
www.FirmCapital.com
FCD.UN on the TSX
