Howard is based in Burnaby and covers real estate, housing policy, and the development industry. Signal: HowardChai.24
Lonsdale Square is 113-unit rental building located at 126 E 21st Street in North Vancouver that Minto Apartments developed with Darwin Construction. announced that it has entered into an agreement to acquire a 50% managing interest in Lonsdale Square in North Vancouver, in what will be the REIT's first property in the Metro Vancouver market.
On Monday, the REIT announced that it will be acquiring an 50% controlling interest in Lonsdale Square for $52.96 million, which it said represents a 5% discount on the undiscounted purchase price of $111.5 million. "The REIT will fund its portion of the purchase price by entirely assuming and being solely responsible for a $52.96 million mortgage which is equal to 100% of the REIT's discounted share of the purchase price," the REIT added in its. "The mortgage is CMHC-insured, bears an annual interest rate of 3.9% and has a maturity date of December 1, 2034.
Minto Apartment REIT says the acquisition of Lonsdale Square reduces the overall age of its portfolio, carries ESG benefits because it is energy-efficient and has a smaller carbon footprint than older buildings, and was made possible without diluting cash flow per unit.
Minto Metro Vancouver Multi-Family Commercial Real Estate
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