A leading Canadian commercial real estate asset manager declared that 3 of its commercial properties have been approved for mortgage refinancing in Q1 2017.
“Imperial Square in Guelph, Ontario; Mall 58 in Calgary, Alberta; and Parsons Place in Edmonton, Alberta are working with three different mortgage lenders to secure new refinancing terms resulting in increased savings for the company,” ReDev Properties Ltd. announced.
ReDev founder and president Richard Crenian expressed optimism regarding the properties’ prospects.
“We are very proud that our experience in acquiring quality assets in good locations, as well as our commitment to adding value to our assets has been recognized with the achievement of new mortgages,” Crenian said. “Refinancing our mortgages are the logical next steps for these properties, allowing us to continue to grow and deliver strong returns for our group.”
“By refinancing these mortgages, ReDev Properties will secure interest rates at savings of 2 percent lower than the original terms,” the company explained.
“The surplus funds from the refinancing will allow ReDev Properties to further enhance the value of the assets by continuing to maintain the properties at a high level and making capital expenditures such building additional value add pads on locations.”