On October 30, 2000, La Caisse centrale Desjardins du Québec financed the acquisition by the Société de Développement de Montréal, the City of Montreal’s real estate arm, of the land chosen as the future location of the E-Commerce Place, a 3 million square foot construction project involving hundreds of millions in private investments.
Caisse centrale Desjardins’ financing was granted by way of a revolving term loan composed of an initial tranche of $48,000,000 and an additional tranche of $19,500,000 to be made available upon satisfaction of certain conditions. One particularly interesting aspect of the financing was the ability of the borrowers to pay interest by using the available credit. The City of Montreal has guaranteed this loan for an amount up to $70,000,000 and the Ministère des Finances du Gouvernement du Québec, through Investissement-Québec, guaranteed the loan for an additional amount of $20,700,000.
Desjardins Ducharme Stein Monast represented by Louis Payette, François Renaud and Patrick Elfassy acted for La Caisse centrale Desjardins du Québec, Suzanne Deschamps acted for the Société de Développement de Montréal, Jalbert, Séguin, Verdon, Caron & Mahoney represented by Bernard Tremblay acted for the City of Montreal and Pierre Chartrand acted for Investissement-Québec.