Minto Apartment REIT Enters Greater Vancouver Market

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[{"type":"text","content":"\n \n \n \n Minto Apartment REIT Enters Greater Vancouver Market\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n OTTAWA, ON\n \n ,\n \n Dec. 1, 2020\n \n /CNW/ - Minto Apartment Real Estate Investment Trust (\"the REIT\") (TSX: MI.UN) today announced an agreement to provide\n \n $11.9 million\n \n in financing (the \"Financing\") to a 50-50 joint venture between Minto Properties Inc. (\"MPI\") and a subsidiary of Darwin Properties Ltd. to develop Phase I of Lonsdale Square (the \"Building\"), a large master-planned community on a pre-paid 99-year land lease with the City of North Vancouver.\n \n \n \n \n \n \n \n \n \n The Financing will bear interest at 7%, which will accrue and be payable in full on the maturity of the loan. On stabilization of the property, which is expected in the spring of 2023, the REIT will have the exclusive option to purchase the Building at a 5% discount to its then-appraised fair market value.\n \n \n The Building will comprise 113 rental suites over six stories, ranging in size from 495 square foot junior one-bedroom suites to 1,054 square foot three-bedroom suites, plus approximately 7,800 square feet of retail at-grade. The Building will front on East 21st Street and a new public park connected to the Green Necklace, an urban greenway that forms a 7.5-kilometre scenic loop around\n \n North Vancouver's\n \n city centre. With a walk score of 79, the Building will provide easy access to some of the city's most highly sought-after amenities and lifestyle activities including parks, hiking, skiing, boating and sightseeing. Moreover, the REIT anticipates that the location will continue to improve as the community is developed with additional amenities in subsequent phases planned for the Lonsdale Square project, including a new 2.4-acre park, diverse retail, daycare and, directly north of the site, the new\n \n $200 million\n \n Harry Jerome Community Recreation Centre. Pursuant to the REIT's strategic alliance agreement with MPI, the REIT will have the opportunity to participate in future multi-residential phases of the Lonsdal...

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