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Maritimes  + Canada + Ontario + Quebec  + Hospitality  | 
Real estate investment company Clarke has raised $36 million in a refinancing effort.

Clarke Refinancing Effort Raises $36M

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


Inside The Story

ClarkeHolloway Lodging

About Monte Stewart

Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate. Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s. In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star. Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.

  • ◦Development
  • ◦Financing
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