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GECC Announces Significant Progress: Interest Rate Reduction, Oakridge Construction Underway, and Strategic Partnerships Forged
VANCOUVER, BC / ACCESS Newswire / May 14, 2025 / Global Education Communities Corp. ("GECC" or...
About this update from Global Education Communities Corp
[{"type":"text","content":"GECC Announces Significant Progress: Interest Rate Reduction, Oakridge Construction Underway, and Strategic Partnerships ForgedVANCOUVER, BC / ACCESS Newswire / May 14, 2025 / Global Education Communities Corp. (\"GECC\" or the \"Company\") (TSX:GEC)(OTCQB:GECSF) today announced significant advancements across its portfolio. The Company is pleased to provide the following updates:Construction Commences on Landmark GEC® Oakridge DevelopmentGECC is pleased to announce the official commencement of construction on its highly anticipated GEC® Oakridge project. This flagship project, which will feature the latest GEC® fifth generation design, is strategically located in the heart of Vancouver across the street from the Oakridge Shopping Centre at Cambie Street and West 42nd Avenue. The Oakridge project has secured $124 million in CMHC-sponsored construction financing. This financing will convert into a 40-year mortgage upon completion under the CMHC-sponsored financing program.Excavation for the project began in February 2025 and construction is now in full swing, with an estimated timeline of approximately 24 months. Upon completion, GEC® Oakridge will offer a capacity of 450 occupants, projected to generate over $8 million in rental revenue at full occupancy. Pictures of GEC® Oakridge are available at: https://gechq.com/gallery/gec-oakridge/To facilitate this ambitious project, GECC has established key institutional collaborations, partnering with Pomerleau Capital of Montreal, Quebec in November 2024, and its wholly-owned subsidiary, ITC Construction Group, in February 2025. These partnerships strategically integrate development, construction, investment, and operations under the GEC® brand, specifically focused on the student housing sector.Substantial Interest Rate Reduction for the PortfolioGEC® Pearson has secured a $42.5 million CMHC-sponsored mortgage financing program. This favourable financing includes a significant reduction of over 50% in the mortgage interest rate, effective mid-April 2025. This decrease is expected to substantially lower finance costs and enhance returns for GECC shareholders.Across the portfolio, GECC has secured an aggregate of $253.32 million in CMHC-sponsored mortgages and construction loan which reduces the interest expense in today's high interest rate environmen...