Caisse Affiliate Closes $148 Million Bell Trinity Square Refinancing

On December 21, 2000, CDPQ Mortgage Corporation, a wholly-owned subsidiary of the Caisse de dépôt et placement du Québec, established a $148 million term credit facility in favour of limited partnership borrowers controlled by General Electric Capital Canada Inc. (GE Capital) and Oxford Properties Group Inc. The facility was established to allow the borrowers to refinance certain existing indebtedness in respect of the property owned by them, known as Bell Trinity Square in Toronto, and is secured by a first ranking mortgage over that property.

With the cooperation of the borrowers and their existing subordinated lender, GE Capital, the transaction was structured so as to qualify the credit facility for inclusion into a portfolio of mortgage loans which CDPQ Mortgage Corporation plans to securitize by way of a commercial mortgage-backed securities offering in early 2001.

CDPQ Mortgage Corporation was represented by Gowling Lafleur Henderson LLP, with a team led by Pierre Denis Leroux in Montreal and Jeffrey Goldenthal in Toronto. Other team members included Katherine Latimer, Stephen Harmer, Patricia MacDonald and Enzo Sallese. The borrowers were represented by Fred Rubinoff, Delee Fromm and Tiina Manuel of McCarthy Tétrault.