Morguard North American Residential REIT Announces Material U.S. Transactions and Financings

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[{"type":"text","content":"\n\n\n\nMorguard North American Residential REIT Announces Material U.S. Transactions and Financings\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\nCanada NewsWire\nMISSISSAUGA, ON, July 12, 2017\n\n\n\n/NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES/ \n\n\n\nMISSISSAUGA, ON, July 12, 2017 /CNW/ - Morguard North American Residential Real Estate Investment Trust (the \"REIT\") (TSX: MRG.UN) announced today an update on the status of various investment and financing transactions.\n\nOn July 10, 2017, the REIT closed on the acquisition of a 515-suite apartment building in Chicago for $287.5 million (US$222.5 million).  Coast at Lakeshore East is a recently built, urban high-rise rental apartment building located in a prime Chicago submarket, with spectacular views of the Chicago River, Millennium Park and the Chicago skyline. The building is a LEED Silver candidate, offers 19,000 square feet of indoor and outdoor amenity space and an additional 18,000 square feet of commercial retail space. Concurrent with the acquisition, financing of $158.3 million (US$122.5 million), with a fixed term of eight years and an interest rate of 3.49%, was completed.\n\nOn July 6, 2017, the REIT closed on the acquisition of a newly built, 104-suite mid-rise apartment building located in the Greater Washington D.C. suburb of Falls Church, Virginia for the purchase price of $55.7 million (US$43 million). Northgate at Falls Church includes 32,000 square feet of high street commercial space and modern amenity space, including community courtyards with patio fireplace and grill, fitness center, clubroom and garage parking.  The property was completed in 2014 and is subject to a long-term land lease, with a fixed price land purchase option available in 12.25 years.  Concurrent with the acquisition, financing of $30.7 million (US$23.7 million), with a fixed term of 12.25 years and an interest rate of 4.05%, was completed.\n\nOn June 1, 2017, the REIT waived conditions on the acquisition of a 492-suite apartment community with a purchase price of U...

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