TORONTO, Aug. 13, 2018 (GLOBE NEWSWIRE) -- Firm Capital Property Trust (“FCPT” or the “Trust”) (TSXV : FCD.UN) is pleased to announce that it has successfully refinanced its existing mortgage on its Montreal Industrial Portfolio with a Canadian Chartered Bank (the “Bank”). The principal balance of the mortgage at maturity was $29.4 million, while the Trust’s portion was $14.7 million. The new mortgage is a $42.0 million first mortgage fixed at an interest rate of 4.0% with a 25 year amortization. In addition, a $1.0 million revolving credit facility was also provided by the Bank that is also fully secured against the Montreal Industrial Portfolio with an interest rate based on a calculated formula using the Bank’s prime lending rate. The Trust’s portion of this new mortgage is $21.0 million and $0.5 million for the revolving credit facility, respectively. Net cash received from the refinancing is approximately $6.3 million (pre closing costs) which will be used for future acquisitions and for working capital purposes.
Further information about the Trust can be found by selecting the Firm Capital Property Trust link at www.firmcapital.com.
ABOUT FIRM CAPITAL PROPERTY TRUST (TSXV :FCD.UN)
Firm Capital Property Trust is focused on creating long-term value for Unitholders, through capital preservation and disciplined investing to achieve stable distributable income. In partnership with management and industry leaders, The Trust’s plan is to co-own a diversified property portfolio of multi-residential, flex industrial, net lease convenience retail, and core service provider professional space. In addition, to stand-alone accretive acquisitions, the Trust will make joint acquisitions with strong financial partners and acquisitions of partial interests from existing ownership groups, in a manner that provides liquidity to those selling owners and professional management for those remaining as partners. Firm Capital Realty Partners Inc., through a structure focused on an alignment of interests with the Trust sources, syndicates and property and asset manages investments on behalf of the Trust.
FORWARD LOOKING INFORMATION
This press release may contain forward-looking statements. In some cases, forward-looking statements can be identified by the use of words such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "estimate", "predict", "potential", "continue", and by discussions of strategies that involve risks and uncertainties. The forward-looking statements are based on certain key expectations and assumptions made by the Trust regarding, among other things, the closing of the acquisition of the Portfolio. By their nature, forward-looking statements involve numerous assumptions, inherent risks, and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and various future events will not occur. Although management of the Trust believes that the expectations reflected in the forward-looking statements are reasonable, there can be no assurance that future results, levels of activity, performance or achievements will occur as anticipated. Neither the Trust nor any other person assumes responsibility for the accuracy and completeness of any forward-looking statements, and no one has any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or such other factors which affect this information, except as required by law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release
For further information, please contact:
Robert McKee
President & Chief Executive Officer
(416) 635-0221
Sandy Poklar
Chief Financial Officer
(416) 635-0221