Slate Office REIT has obtained $140 million in mortgage refinancing on two Greater Toronto Area properties.

Slate said in a news release that it refinanced its office properties in the Woodbine & Steeles Corporate Centre in Markham, Ont., with a two-year, $50-million. The properties’ former mortgage was valued at $45.3 million.

The REIT also refinanced a $95.9-million loan on its properties at the West Metro Corporate Centre in Toronto with a one-year mortgage of up to $90 million. The new mortgage may be extended by one year. As part of the refinancing, Slate took full ownership of the property.

The refinancing comes as GTA and other investors are contemplating and starting conversions of office assets to other uses due to severe disruptions caused by the COVID-19 pandemic and changing work patterns.