Minto Apartment REIT To Provide Financing for a New Mixed-Use Development in Vancouver

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[{"type":"text","content":"\n \n \n \n Minto Apartment REIT To Provide Financing for a New Mixed-Use Development in Vancouver\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.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n -\n \n \n REIT Has an Option to Acquire an 85% Interest in the Property Following Stabilization at a 5% Discount to Market Value\n \n \n -\n \n \n \n \n OTTAWA, ON\n \n ,\n \n Dec. 1, 2021\n \n /CNW/ - Minto Apartment Real Estate Investment Trust (\"the REIT\") (TSX: MI.UN) today announced an agreement to provide a convertible development loan of up to\n \n $19.6 million\n \n (the \"Financing\") to Minto Properties Inc. (\"MPI\") to finance MPI's 85% interest in a joint venture (\"JV\") with Comma Properties Limited Partnership (\"CPLP\"), the rental portfolio of Rize Alliance Assets Inc. The JV will develop a six-storey mixed-use building containing 108 residential rental suites and approximately 11,500 square feet of at-grade retail at 810 Kingsway,\n \n Vancouver B.C.\n \n (the \"Project\").\n \n \n The Financing will bear interest at 6% per annum, which will accrue and be payable in full on the maturity of the loan. On stabilization of the property, which is expected in the summer of 2024, the REIT will have the exclusive option to purchase MPI's 85% interest in the Project at a 5% discount to its then-appraised fair market value.\n \n \n 810 Kingsway is centrally located in the heart of \"The Fraserhood\", a desirable community in\n \n East Vancouver\n \n , and has a walk score of 88. The neighbourhood is recognized for its mix of trendy restaurants, locally owned and operated retail shops, parks and community services, including schools and\n \n Mount St. Joseph's\n \n Hospital. It is located on a Frequent Transit Network bus route, which connects residents to downtown in 25 minutes.\n \n \n The Project's 108 residential rental suites will range in size from 393-square foot bachelor suites to 1,054-square foot two-storey, three-bedroom townhomes. The Project's retail space will be located at-grade along Kingsway, with up to 10 retail units rang...

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