TD Securities acted as agent on the transaction. The fixed rate mortgages have a weighted average 7.7 year term, with a 25 year amortization, and a weighted average interest rate of 5.91%.
Factoring in the cost of delayed interest rate swap hedges placed upon assumption of the bridge loan, the overall weighted average interest rate is 6.09%. This overall weighted average interest rate is 26 basis points lower than the 6.35% rate used to model the pro forma accretion of the portfolio acquisition.
Commenting on the closing of the financing, J. Stuart Blair, President and Chief Executive Officer stated: "While the credit markets continue to prove to be challenging, the progress made in replacing a major portion of our bridge loan with suitable long term financing is very encouraging. We are also excited to be able to attract international financing as one of the early deals completed by HBOS in Canada. We continue to have discussions with a number of potential sources for completing the refinancing of the $180 million bridge loan remaining." -- www.cnxmarketlink.com
