Partners RealEstate Investment Trust finalized an C$11.9 million mortgagerefinancing for its Evergreen Shopping Center property in Sooke, BritishColumbia.
The mortgage has a five-year term with a 25-yearamortization period and a 2.85% interest rate. The company will use C$9.1million of the proceeds to repay the property's existing mortgage, whichcarries a 3.80% interest rate. The remaining C$2.8 million will be reinvestedinto the REIT's property portfolio.
The 68,000-square-foot shopping center was 98.1% occupied asof June 30 and represents roughly 3.2% of the REIT's annual base rental revenue.
First National Financial is acting as the mortgage broker.