Faubourg Boisbriand Acquires Retail Complex

Faubourg Boisbriand Shopping Centre Holdings Inc. acquired “Faubourg Boisbriand,” a 1.2 million square foot lifestyle-based retail complex, currently being developed in Boisbriand, Quebec, on July 7, 2006. The purchaser is a venture among Kimco Realty Corporation, Cherokee Partners and Sterling Centrecorp. Acting for the purchaser was Davies Ward Phillips & Vineberg LLP with a team including Hillel Rosen, Joseph Jarjour, Rhonda Rudick (tax) and Nicolas Cloutier (zoning). Acting for the vendor was Yves Dubois of Borden Ladner Gervais LLP.

February 14, 2007 marked the date of the initial drawdown under a $165 million construction credit facility made available to Faubourg Boisbriand Shopping Centre Holdings Inc. by a syndicate of banks consisting of The Bank of Nova Scotia, also as administration agent for the lenders, Royal Bank of Canada, Bank of America National Association and West LB AG, Toronto Branch. A portion of the first drawdown under the loan was used to repay a $43 million interim credit facility made available to the borrowers in the fall of 2006 by HSBC Bank Canada.

HSBC Bank Canada and the syndicate of lenders were represented by McCarthy Tétrault LLP's John T. Sullivan, who was assisted by Annie Gagnon-Larocque and Stéphanie Gilcher.

The borrower was represented by Hillel Rosen and Grant McIntyre of Davies Ward Phillips & Vineberg LLP.