EL-AD Group Acquires 39 Apartment Buildings from MetCap Living

EL-AD Group acquired from MetCap Living 39 apartment buildings (37 in Toronto and two buildings comprising Olympic Village in Montreal) on March 15, 2004, for an aggregate consideration of more than $700 million. The purchase price was paid by the assumption of existing mortgages in the amount of approximately $402 million and the balance in cash.

TD Bank and Royal Bank of Canada as co-lead lenders, together with HSBC Bank Canada, CIBC and Bank of Montreal, provided bridge financing of approximately $160 million in connection with the acquisition. Upstream financing was provided to EL-AD Group by a Brascan Financial managed fund.

EL-AD Group was represented in Ontario by Goodman and Carr LLP, with a team that included Diane Harris, Eric Carmona, Renata Rizzardi and Jonathan See (real estate), Murray Perelman, Carolyn Kolers, Nicholas Catros, Amy Harvey and Jonathan Behar (regulatory and corporate/commercial) and Cosimo Fiorenza (tax); and in Quebec by Marc Rubin, Jean François Giroux and Gilles Fafard of De Grandpré Chait.

MetCap Living was represented in Ontario by Gowling Lafleur Henderson LLP, with a team that included Darryl Brown and Myron Dzulynsky (real estate and corporate), Faithe Holder, Enzo Sallese and Susan Redmayne (real estate), Hilda Wong and Rob Assal (banking and corporate), Timothy Wach (tax), Robert Finlayson (estates and trusts), and Robert Milnes and Ian Macdonald (regulatory); and in Quebec by Lapointe Rosenstein, with a team that included Mark Rosenstein, Steven Chaimberg and Jeanne Fortin (real estate), Jean-Charles Hare (tax) and Christopher Deehy (labour).

The lending syndicate was represented by McCarthy Tétrault LLP, with a team that included John Currie and Tzen-Yi Goh in Toronto and John Sullivan in Montreal.

Brascan was represented by Torys LLP, with a team that included Rose Bailey, Simon Knowling, Graham Rawlinson and Michael Fortier (corporate/real estate), Bill Estey (trusts), Len Griffiths (environmental) and Ann Marie McGovern (tax).


Nicolas Catros Jonathan Behar Rose T. Bailey Robert D. Finlayson H. Graham Rawlinson Jean-Charles Hare Timothy S. Wach Myron B. Dzulynsky Ian R. MacDonald Jean François Giroux Christopher Deehy Tzen-Yi Goh Eric Carmona Murray J. Perelman Leonard J. Griffiths Enzo Sallese Robert E. Milnes Faithe H. Holder Wilfred M. Estey Diane Harris Jonathan See Cosimo Fiorenza Simon C. Knowling Susan P. Redmayne John T. Sullivan Rob Assal Marc J. Rubin John C. Currie Ann Marie McGovern Hilda W. Wong Gilles Fafard Jeanne Fortin Michael J. Fortier Darryl J. Brown


De Grandpré Chait LLP