Mohawk Medical Properties REIT Announces Closing $25 Million Acquisition of a Medical Office Building in Vaughan, ON and Brokered and Non-Brokered Private Placement
TORONTO, July 24, 2014 /CNW/ - Mohawk Medical Properties REIT ("Mohawk"), a private real estate investment firm, announced today it has acquired the premier medical office building in Vaughan, ON via its 4th investment vehicle, Mohawk Vaughan Opportunity Partners (I) LP.
This property, called the "Columbus Medical Arts Building", is 100% occupied by over thirty physicians including general practitioners, dermatologists, pediatricians, OB/GYNs and medical services including pharmacy, lab, x-ray and urgent care walk-in. Mohawk Medical Management Corp. will provide medical specific, property management and leasing services.
Equity financing was comprised of a brokered and non-brokered private placement. Raymond James Ltd. acted as Agent for the brokered private placement. Timbercreek Senior Mortgage Investment Corporation provided first mortgage financing.
Mohawk plans to close its 5th investment vehicle in Q4-2014 with two properties under contract.
Mohawk proudly announces the election of Andrew Shapack to the Board of Trustees of Retrocom REIT. This real estate investment trust is listed on the Toronto Stock Exchange (TSX) under the ticker RMM.UN. Mr. Shapack will serve as the Chairman of the Governance Committee.
About Mohawk Medical Properties REIT
Mohawk is a Toronto based private equity firm specializing in healthcare real estate and committed to exceptional returns through reasonable risks. Sean Nakamoto and Andrew Shapack, whose combined track record includes 64 medical office building acquisitions, formed Mohawk in September 2012. The firm engages in acquisition, property management and asset management of Canadian medical office buildings financed through syndication to LP investors.
Mohawk achieves its objectives through an aggressive, ambitious and disciplined acquisition program aimed at creating a geographically diversified portfolio of high quality properties that will generate stable distribution yields and capital appreciation opportunities.