Morguard North American Residential REIT Acquires Ottawa Apartment Building

On February 1, 2016, Morguard North American Residential REIT acquired a 21 storey, 370 suite rental apartment building located at 160 Chapel Street in Ottawa.

The apartment building was purchased from Morguard Residential Properties (1) Inc. for a purchase price of $67,000,000.

Beverley Flynn, General Counsel and Secretary of Morguard Corporation instructed McMillan LLP with a team led by Craig Harkness and David Slan and that included Mary Flynn-Guglietti, Robert Shore and Mitchell Allison.

The Vendor was represented by McCarthy Tétrault LLP with a team that included Danny Grandilli and Andréa Armborst.

The acquisition included an approximately $38.6 million credit facility with the Toronto-Dominion Bank represented by McCarthy Tétrault LLP with a team that included Tzen-Yi Goh and Michael Kershaw.

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