The property consists of a four-storey, 66-suite luxury apartment building, with a 93-stall underground parkade and is comprised of six one-bedroom and 60 two- bedroom suites. All of the suites are fully furnished and have individual condominium title.

The purchase price of $30 Million, subject to the usual closing adjustments, was funded by a new first mortgage loan in the amount of $21 Million, a vendor take-back mortgage loan of $4 Million and the balance in cash. The first mortgage loan bears interest at a rate of 5.73% for a five-year term and has a 20-year amortization. The vendor take-back mortgage loan is a 5% interest only mortgage and is due on July 1, 2010.

The property is 100% leased to a major oil sands operating company until May 1, 2012. The lease agreement provides the tenant with an option to extend the lease in 2012 for an additional five years at the current market rents at that time. -- www.cnxmarketlink.com