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NexLiving Communities completes acquisition of 156 unit, 7 building portfolio in Riverview, NB and announces early repayment of convertible debenture
NexLiving Communities completes acquisition of 156 unit, 7 building portfolio in Rivervie...
About this update from Nexliving Communities Inc
[{"type":"text","content":"\n \n \n \n NexLiving Communities completes acquisition of 156 unit, 7 building portfolio in Riverview, NB and announces early repayment of convertible debenture\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 Canada NewsWire\n \n \n \n \n \n HALIFAX, NS\n \n ,\n \n Dec. 22, 2021\n \n /CNW/ - NexLiving Communities Inc. (TSXV: NXLV) (\"NexLiving\" or the \"Company\") announced today that it has completed the previously announced acquisition of 156 units in\n \n Riverview, NB\n \n (\"Whitepine &\n \n Cleveland\n \n \") for\n \n $21.3 million\n \n . Whitepine &\n \n Cleveland\n \n is comprised of seven two-story buildings (529/539/545/625 Whitepine Ave and 1008/1020/1037 Cleveland Ave), which were constructed between 2011 and 2016. In connection with the acquisition, NexLiving has arranged a\n \n $15.6 million\n \n 30-year mortgage with a 2.27% interest rate and intends to transfer to a CMHC insured mortgage on the property over the next 12 months.\n \n \n \n \n \n \n \n \n \n NexLiving has also completed an early redemption of its outstanding 7.00% Denaco convertible debentures, which had an original maturity date on\n \n March 16, 2022\n \n , and aggregate principal amount of\n \n $1.75 million\n \n . The debentures were repaid with cash on hand on\n \n December 15, 2021\n \n , and in accordance with the terms of the indenture, the early redemption will result in\n \n $0.03 million\n \n of interest savings.\n \n \n For more information about NexLiving, please refer to our website at\n \n www.nexliving.ca\n \n and our public disclosure at\n \n www.sedar.com\n \n .\n \n \n \n About the Company\n \n \n NexLiving continues to execute its plans to acquire recently built or refurbished, highly leased multi-residential properties in bedroom communities across\n \n Canada\n \n . The Company aims to satisfy the needs of the newly emerging 55+ resident. The demographic that has changed the world is now changing the way residential rental apartments cater to their requirements. Their desire for community, along with service, quality and convenience has led to the...