Retirement Home  |  Low Rise  |  Mid/High Rise  |  Land Acquisition  
 

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March 2017

 
   
 

Financing Transactions

Our Real Estate Group facilitated the funding of over $700 Million of takeout and construction facilities in a variety of real estate ventures, including retirement homes, land servicing for low rise, single family house construction and mid and high-rise construction. Here are some of the highlights of the larger transactions we were involved in.

 

RETIREMENT HOME FINANCING


 
 

Real Estate Group partner, Leor Margulies, real estate associate, Tara Welat, and Cindy Applegath, represented Bank of Montreal on a number of retirement home financings for All-Seniors Care Living Centres across Canada.

  • A $48.3 Million credit facility in favour of the Lewis Estate Retirement Residence at 211 Street North West, Edmonton, Alberta.
  • A $50 Million financing for the Preston I Retirement Residence being a low-rise, multi-residential property located on 114 Armistice Way, Saskatoon, Saskatchewan.
  • A $45 million financing of the Preston II Retirement Residence at 118 Armistice Way, Saskatoon, Saskatchewan by Armistice Way 2 Facility Inc.
  • A $45 Million construction facility for a new retirement home at 1015 St. Anne's Road in Winnipeg Manitoba on behalf of St. Anne's Facility Inc.
 
 
 
 



Leor Margulies, together with associate, Jaime Bell and law clerk Cindy Applegath, also represented Bank of Montreal on the financing of a $39.4 Million for the V!VA Thornhill Woods Retirement Community facility at 9700 Bathurst Street, Vaughan.

 
 
 
 

Real Estate Group partner, Rick Angelson and Cindy Applegath, also represented Bank of Nova Scotia on a takeout financing of $30 Million of the Palermo Village Retirement Residence at 3136 Dundas Street West, Oakville.

 

LOW RISE SERVICING AND HOUSE CONSTRUCTION FINANCING


 
 

In the fall of 2016, Bank of Nova Scotia provided an $80 Million construction facility for a project known as the Lakebreeze West Community by Bowmanville Lakebreeze West Village Ltd. with the assistance of Rick Angelson and Cindy Applegath. The low-rise construction of the Lakebreeze West Community project will be in Bowmanville, Ontario, and is expected to be comprised of 234 residential units.

 

MID/HIGHRISE CONSTRUCTION FINANCING


 
 

Rick Angelson and Cindy Applegath acted on behalf of Bank of Nova Scotia on a $120 Million construction financing facility of two 16/17 storey towers in the Allenbury Gardens Revitalization project located on Don Mills Road and Sheppard Avenue, comprising 422 residential condominium units.

 
 
 
 

Rick Angelson and Cindy Applegath also represented Bank of Nova Scotia in funding a loan in favour of Liberty Development Corporation with respect to a 10-storey tower including 227 units, some retail space and a Church, known as The Village Residences project on 591-593 Sheppard Avenue, Toronto.

 
 
 
 

Real Estate Group partners, Leor Margulies, and John Fox, with the assistance of law clerks Cindy Applegath and Audrey Weaver, acted on behalf of Royal Bank of Canada placing credit facilities just shy of $70 Million to finance the construction of the first high-rise condominium building in the Lawrence Heights Revitalization, located at Ranee Avenue and Allen Expressway. The transaction required both an understanding of traditional finance law, a deep knowledge of Lawrence Heights, Low-Income Housing and Toronto Community Housing, which the Bank was able to access through John Fox, former General Counsel (Development) to Toronto Community Housing.

 

LAND ACQUISITION FINANCING


 
 

Rick Angelson and Cindy Applegath represented Bank of Nova Scotia on $100 million of the acquisition financing for 90.957 acres of residential land at 19th Avenue and Bayview, Richmond Hill on behalf of Earlglen Investments Limited.

 
 
 
 
 

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The comments contained in this newsletter provide general information only and should not be relied upon as legal advice. Further particulars on the matters summarized in this newsletter, their implications and suggested courses of action, can be obtained from Robins Appleby LLP using the contact information provided herein. This e-mail is being sent to you as a contact of our Firm.

 
   
 

Robins Appleby LLP  |  2600-120 Adelaide St. W., Toronto, ON M5H 1T1
T. 416.868.1080   F. 416.868.0306

 
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