Mohawk Medical Properties REIT Announces Closing of Brokered and Non-Brokered Private Placement and Acquisition of Medical Office Building in Stratford, ON
TORONTO, Dec. 20, 2012 /CNW/ - Mohawk Medical Properties REIT (“Mohawk”), a private real estate investment firm, announced today it has acquired the premier medical office building in Stratford, ON through its first vehicle, Mohawk Stratford Opportunity Partners (I) LP.
This building, called “The Jenny Trout Centre”, is home to the Stratford Family Health Team and has served the local community for over twenty years. Other tenants in the 100% occupied building include general practitioners, pediatricians, OB/GYNs, pharmacy, lab and x-ray. PAR-Med Property Services Inc., a leader in third party management of medical office buildings, will provide property management.
Equity financing was comprised of both a brokered and non-brokered private placement. Raymond James Ltd. acted as agent for the brokered private placement. Approximately 50% of the financing was by way of non-brokered private placement.
Timbercreek Senior Mortgage Investment Corporation provided first mortgage financing with a 65% loan-to-value ratio.
Mohawk also announced today that it has another medical office building acquisition under contract and anticipates closing its second investment vehicle in Q2-2013.
About Mohawk Medical Properties REIT
Mohawk Medical Properties REIT is an opportunistic, Toronto-based, private real estate investment firm focused on creating value through development, re-positioning, re-tenanting and property turnaround of Canadian medical office buildings. Its general partners, Sean Nakamoto and Andrew Shapack, whose combined track record includes over 60 medical office building acquisitions, draw on their experience to manage this aggressive investment platform expressly designed to capture the current opportunity in the Canadian medical office field.