Boardwalk Contracts Over $74 Million in New Mortgages and Renewals.CALGARY, Alberta--(BUSINESS WIRE)--Oct. 29, 1996--Boardwalk Equities Inc. (Alberta Stock Exchange/TSE:BEI Bei (pā, bā), river, c.200 mi (320 km) long, formed by the union of two headstreams in the Nanling Mts., N Guangdong prov., S China. It flows S into the Xi River, E of Guangzhou, to form the Pearl River delta. .) is pleased to announce the finalization of negotiations pertaining to new and existing first mortgages, culminating in the securing of major lender commitments, as follows: - New first mortgage commitments from the Toronto Dominion Bank, arranged through Canada West Canada West or Upper Canada Region of Canada now known as Ontario. In 1791–1841 it was known as Upper Canada and in 1841–67 as Canada West. Mortgage Services, totaling $52 million. Of these funds, $34 million carry a five year term with a fixed interest rate of 7.3 percent, maturing December 1, 2001. The remaining $18 million, at 6.75 percent, matures June 1, 1997, at which time, depending on the corporation's needs, a longer term can be negotiated. The proceeds of these new mortgages will be utilized to retire higher interest rate vendor-take-back second mortgages on the 1600 unit townhouse town·house or town house n. 1. A residence in a city. 2. A row house, especially a fashionable one. portfolio acquired June 1, 1996. - An extended five year term first mortgage commitment from Metropolitan Life, for $18 million, at 7.15 percent, maturing October 1, 2001. These early renewal funds replace a former interest rate of 7.25 percent on a major Calgary project. - Smaller sale first mortgages totaling $4.8 million on two Edmonton projects were renewed for a five year term at an interest rate of 7.39 percent, maturing October 1, 2001. Boardwalk views these significant mortgage arrangements as strategic maneuvers designed to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. the current low interest rate environment, thereby reducing debt servicing requirements and further improving cash flows. The corporation intends to continue actively reviewing its mortgage portfolio, with an eye to locking in current rates beyond the year 2000, and taking maximum advantage of positive yield/interest spreads available in today's marketplace. Boardwalk Equities Inc. is a customer oriented, technologically advanced real estate company specializing in the acquisition, management and ownership conversion of multi-family residential Multi-family residential is a classification of housing where multiple separate housing units are contained within one building. The most common form is an apartment building. Many intentional communities incorporate multi-family residences, such as in cohousing projects. projects throughout Western Canada
Western Canada, commonly referred to as the West . The company currently owns over 4,800 residential units in major cities of Alberta and Saskatchewan. Fax back information service is also available at 403/531-9321. Information can also be found on the Internet at http://www.bwalk.com. -0- Note to Editors: The Toronto and Alberta Stock Exchange Alberta Stock Exchange See Canadian Venture Exchange (CDNX). has neither approved nor disapproved the information contained herein. CONTACT: Boardwalk Equities Inc. Sam Kolias or George Reti RETI - RTI Kevin Screpnechuk or Massimo Geremia, 403/531-9255 INTERNET: http://www.bwalk.com |
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