true north REIT acquires Hamilton property

True North REIT acquires Hamilton property

Tuesday, June 2, 2015

True North Apartment Real Estate Investment Trust has closed the previously announced acquisition of 150 and 160 Market Street in Hamilton, Ontario, for a total purchase price of approximately $25.4 million, as well as the sale by two separate transactions of 380 Gibb Street in Oshawa, Ontario and 2292 Weston Road in Toronto, Ontario, for approximately $19.3 million and $10.2 million, respectively.

The purchaser of 380 Gibb Street has assumed the existing mortgage of approximately $10.1 million. A first ranked mortgage secured on 150 Market Street will replace a first ranked mortgage secured on 2292 Weston Road as security in place for the REIT’s revolving credit facility.

The acquisitions are comprised of two, well maintained, high-rise, concrete towers with a combined 278 residential suites that have recently undergone significant balcony and lobby upgrades.

 

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