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.
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.