TORONTO, Oct. 06, 2017 (GLOBE NEWSWIRE) -- Mitchell Cohen, President and Chief Executive Officer of Urbanfund Corp. (TSX-V: UFC ) (the “Company”), confirmed today that the Company completed a refinancing of North Front Centre, its 72,760 square foot shopping centre located in Belleville, Ontario.
The mortgage financing, provided by a large Canadian financial institution, is in the amount of $10,150,000, with a 5-year term and a fixed 3.95% interest rate. Tenants at the fully-leased North Front Centre include Freshco, Bank of Nova Scotia, Fabricland, Easy Home and Chuck’s Roadhouse.
The proceeds from the mortgage financing, net of transaction costs, will be used to retire an existing $3,685,000 first mortgage on the property, to pursue the previously announced intention to acquire a 20% interest in a 1,354 unit residential portfolio in Dartmouth, Nova Scotia and to pursue further real estate or real estate-related opportunities.
ABOUT URBANFUND CORP.
Urbanfund Corp. is a Toronto-based real estate development and operating company. Urbanfund’s focus is to identify, evaluate and invest in real estate or real estate related projects. The Company’s assets are located in Belleville, Brampton, Kitchener, London and Toronto, Ontario, Quebec City and Montreal, Quebec. The Company’s strategy going forward remains committed to seek accretive real estate or real estate-related opportunities.
FORWARD LOOKING STATEMENTS
This press release contains certain forward-looking statements. Statements about the Company's proposed use of the mortgage financing proceeds and the Company’s proposed acquisition of an interest in the Dartmouth, Nova Scotia residential portfolio constitute forward-looking statements. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect Management's current beliefs and are based on information currently available to management as at the date hereof.
Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this press release are based upon what management believes to be reasonable assumptions, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release, and the Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law. Many factors could cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including: general economic and market segment conditions, interest rates, costs outside of the Company's control such as real estate taxes and utilities, the ability of tenants to satisfy their contractual rent obligations and any unforeseen repair, maintenance or replacement of the Company's assets. More detailed assessment of the risks that could cause actual results to materially differ than current expectations is contained in the “Risks and Uncertainties” section of the Company's most recent Management's Discussion and Analysis filed on SEDAR.
For further information please contact: Urbanfund Corp. Mitchell Cohen President & CEO (416) 703-1877x1025
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the Policies of the TSX Venture Exchange) accepts responsibility for the adequacy or the accuracy of this release
