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Firm Capital Property Trust refinances mortgage on Canadian industrial portfolio

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Firm Capital Property Trust refinances mortgage on Canadian industrial portfolio

Firm Capital Property Trust signed a refinancing agreement with a Canadian chartered bank for the existing mortgage on its Montreal industrial property portfolio that carried C$29.4 million in principal balance of the mortgage at maturation.

The Toronto-headquartered trust held C$14.7 million out of the principal balance amount of the old mortgage, according to a release.

Under the new deal, the company will hold a C$42.0 million first mortgage at a fixed interest rate of 4.0% with a 25-year amortization term. The bank will also extend a C$1.0 million revolving credit facility secured fully against the industrial portfolio at an interest rate based on an extension of the financial institution's prime lending rate.

Firm Capital will hold C$21.0 million of the new first mortgage and C$500,000 of the revolving credit facility.

The company received roughly C$6.3 million in net cash from the refinancing deal, which it will channel toward property purchases and as working capital.