MISSISSAUGA, ON, May 17, 2021 /CNW/ - Morguard Corporation
("Morguard" or the "Company") (TSX: MRC) announced that it has
fully repaid the $200 million 4.085%
Series D senior unsecured debentures on maturity. Proceeds for
repayment of the Series D senior unsecured debentures were
generated by Morguard from new mortgage proceeds, with the balance
funded from cash on hand and lines of credit.
New mortgage proceeds were realized in the second quarter of
2021 as Morguard completed a second mortgage financing on a
multi-suite residential property located in Toronto, Ontario, in the amount of
$90 million at an interest rate of
2.22%, for a term of approximately 4 years (maturing at the same
time as the first mortgage); and a first mortgage financing on two
unencumbered office properties located in Oakville and Ottawa,
Ontario, in the amount of $21
million at an interest rate of 2.39%, for a term of 5
years.
About Morguard Corporation
Morguard Corporation is a major North American real estate and
property management company. It has extensive retail, office,
industrial, hotel and residential holdings owned directly and
through its investment in Morguard Real Estate Investment Trust and
Morguard North American Residential REIT. Morguard also
provides real estate management services to institutional and other
investors. Morguard's owned and managed portfolio of assets
is valued at $19.2 billion.
For more information, visit Morguard.com.
SOURCE Morguard Corporation