Mohawk Medical Properties Real Estate Investment Trust Announces Acquisition of Medical Office Building in Oshawa, ON and Provides a 2015 Year End Recap
TORONTO, January 29, 2016 /CNW/ - Mohawk Medical Properties REIT, a private real estate investment trust, announced today it has acquired a full service, medical office building in the City of Oshawa, Ontario.
The North Oshawa Medical Centre is 100% occupied by 100% medical tenancies. The building is home to the North Oshawa Medical Clinic as well as a pharmacy, laboratory, x-ray, physiotherapy and specialists. The property is situated on Ritson Road North, a north-south artery linking the neighbourhood directly with downtown Oshawa and Highway 401.
Mohawk Medical Management Corp. will bring its expertise in medical office building management to provide specialized professional management services to tenants and patients at the building.
2015 represented a transformation year for Mohawk Medical Properties REIT. Amongst the REIT’s accomplishments:
- Formation of a mutual fund trust amalgamating five limited partnerships
- Secured a $125MM mortgage debenture with Timbercreek Mortgage Servicing Inc. to fund future growth and a $10MM revolving acquisition credit facility
- Successful completion of two, oversubscribed, equity raises
- The acquisition of seven medical office buildings
- Platform growth and attracting six key hires in accounting, property management, leasing and finance
About Mohawk Medical Properties REIT
Mohawk is a Toronto based private REIT specializing in healthcare real estate and committed to exceptional returns through reasonable risks. Sean Nakamoto and Andrew Shapack, whose combined track record includes 73 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 investors.
SOURCE: Mohawk Medical Properties REIT
For more information about Mohawk, visit www.mohawkmedical.ca