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Minto Apartment REIT loans sister firm $50M for Beechwood project


Minto Apartment Real Estate Investment Trust is providing more than $50 million in financing for a subsidiary of Minto Properties to develop a multi-residential property in New Edinburgh.
The REIT says it will contribute up to $51.4 million to the project, which will see its sister firm construct a nine-storey building with about 230 rental suites at a one-acre site on Beechwood Avenue. 
Minto Apartment REIT said the units are expected to range from studio apartments to two-bedroom suites, adding the development will also include about 6,000 square feet of ground-floor retail space.
Under the deal, the REIT will loan Minto Properties the money to build the project at an annual interest rate of six per cent. Once the property is ready for occupancy ​– expected to be in the fourth quarter of 2024 ​– the REIT will have the option to purchase the development at a five per cent discount on its appraised fair market value. ....

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Ottawa's InterRent REIT expands into Vancouver market as partner in $292M acquisition


Ottawa’s largest real estate investment trust is making its first move into Western Canada with a deal to buy a 50 per cent stake in more than a dozen multi-residential properties in the Vancouver area.
InterRent REIT said Monday it’s partnering with Toronto-based Crestpoint Real Estate Investments to acquire 15 properties with a total of 614 residential suites in Canada’s third-largest city. The combined purchase price is $292.5 million.
The deal, which is being financed with a mix of cash and new short-term debt, is expected to close at the end of the month. InterRent will manage the properties, which were purchased from six different vendors.  ....

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