Westman Village arranges $153M loan with banking syndicate led by Bank of Montreal

On September 29, 2017, the developers of Westman Village, a new mixed-use community development in Calgary, arranged with a syndicate of banks for the provision of a $153,388,186 million construction loan. The loan consisted of real estate term facilities, a swingline facility and a letter of credit facility to finance the development of a new mixed-use community of new condominiums, apartments, retail, a senior’s living centre and an amenity centre.

The developers of Westman Village are affiliated with Jayman BUILT, one of Western Canada’s real estate industry leaders and Alberta’s largest homebuilder.

Gowling WLG (Canada) LLP advised Westman Village in the negotiation of this financing with a team that was led by Darren Taylor (real estate) and included Elizabeth Burton and Graeme Ireland (finance) and Christine Vanderhooft (paralegal).

Miller Thomson LLP acted as counsel to the Bank of Montreal, in its capacity as lead arranger, syndication agent and administrative agent for the syndicate of banks, with a team that was led by Michael Morcom (banking) and included Stefan Mirkovic (banking), Joshua Selby (real estate) and Margaret Kan (real estate paralegal).