Montreal Mini-Storage has secured $185 million credit as it seeks to expand.
A group of lenders led by Scotiabank secured a $150-million multi-tranche revolving credit facility, Montreal Mini-Storage said in a news release. The underwriters syndicate includes HSBC Bank Canada and Canadian Western Bank.
“Now, more than ever, we are positioned to rapidly take advantage of new opportunities to grow our portfolio and upgrade our facilities,”: Simon Berman, Montreal Mini-Storage’s CEO, in the news release.
One tranche is allocated for refinancing of existing mortgages, another is reserved for future growth opportunities and a third one is designated for general corporate purposes.
In conjunction with the syndicate partnership, Montreal Mini-Storage has also secured separate $35-million revolving credit facility from Roynat Capital. The storage company said it will use the Roynat money to stabilize properties and fund construction capital expenditures.
Roynat is a wholly owned subsidiary of Scotiabank.
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.