Business
Dream Impact Trust Reports First Quarter 2025 Results
This press release contains forward-looking information that is based upon assumptions and is sub...
About this update from Dream Impact Trust
[{"type":"text","content":"Dream Impact Trust Reports First Quarter 2025 Results\n\n\n .bwalignc { text-align: center; list-style-position: inside }\n.bwalignl { text-align: left }\n.bwalignr { text-align: right; list-style-position: inside }\n.bwblockalignl { margin-left: 0px; margin-right: auto }\n.bwcellpmargin { margin-bottom: 0px; margin-top: 0px }\n.bwpadb3 { padding-bottom: 4px }\n.bwpadl0 { padding-left: 0px }\n.bwpadl1 { padding-left: 5px }\n.bwpadr0 { padding-right: 0px }\n.bwsinglebottom { border-bottom: solid black 1pt }\n.bwtablemarginb { margin-bottom: 10px }\n.bwuline { text-decoration: underline }\n.bwvertalignb { vertical-align: bottom }\n.bwwidth100 { width: 100% }\n.bwwidth14 { width: 14% }\n.bwwidth2 { width: 2% }\n.bwwidth3 { width: 3% }\n.bwwidth64 { width: 64% }\n.bwwidth66 { width: 66% }\n.bwwidth68 { width: 68% }\n \n\n\n\n\n This press release contains forward-looking information that is based upon assumptions and is subject to risks and uncertainties as indicated in the cautionary note contained within this press release. All dollar amounts in our tables are presented in thousands of Canadian dollars, except unit and per unit amounts, unless otherwise stated.\n \n\n\n\n\n\n DREAM IMPACT TRUST (TSX: MPCT.UN)\n \n (\"Dream Impact\", \"we\", \"our\" or the \"Trust\") today reported its financial results for the three months ended March 31, 2025 (\"first quarter\").\n \n\n As previously announced, in the first quarter, the Trust secured financing for the redevelopment of 49 Ontario St. This was a significant milestone for the advancement of the redevelopment project which, upon completion, will deliver over 1,200 rental units in downtown Toronto. The financing provides for up to $647.6 million in construction debt, with a term of 10 years and a fixed interest rate to be locked at the time of first draw. Based on current pre-development timelines and discussions with the in-place tenant, the project is on track to commence construction by the fourth quarter. Subsequent to March 31, 2025, the Trust entered into an agreement to sell a 10% minority interest in the project at pricing aligned with the Trust's IFRS value for the asset and is expected to close upon first construction loan draw. The Trust's new partner is an experienced condominium developer which will work with us to attract further investors to reduce our ownership stake. ...