Real estate investment company Clarke has raised $36 million in a refinancing effort.

Halifax-based Clarke said it refinanced two of its major credit facilities, increasing the company’s maximum borrowing capacity to $55 million from $40 million. Some of the capital will be used to fund construction of the second phase of the company’s multiple-building Carling Avenue mixed-use development in Ottawa.

Clarke said it increased an existing line of credit’s capacity to $55 million from $40 million. The company pledged an additional hotel property and its ferry operation between Riviere-du-Loup and St. Simeon in Quebec, both previously unencumbered, as collateral.

Clarke said it also renewed an existing credit facility that matured in October. The new $55-million credit facility comprises a $25-million term loan and a $30-million revolving line of credit.

“Both expanded facilities remain with lending partners who we have long-term and strong relationships with,” said Tom Casey, the company’s CFO, in a news release.

Clarke owns and operates 17 hotels across Canada through subsidiary Holloway Lodging, primarily in secondary and tertiary markets. In addition to its ferry business, Clarke also owns a class A office building in Houston and holds a one-third stake in the 1111 Atwater mixed-use development under construction in downtown Montreal.

Photo: Holloway Lodging