A syndicate of institutional lenders led by Sun Life Assurance Company (Clarica), and including The Toronto-Dominion Bank and Quebec-headquartered Industrial Alliance Life Assurance Company, completed on November 1, 2002, a $152 million term financing of the 3,100 unit Nuns’ Island residential portfolio known as Metropolitan Structures near Montreal. The portfolio is composed of many building types, and is the largest residential project in Quebec. It is owned by two trusts controlled by publicly-traded Boardwalk Equities Inc., based in Calgary.
The lenders were represented by Blake, Cassels & Graydon LLP, with a team led by Pierre-Denis Leroux in Montreal, and assisted by Stephane Lalande, Stephanie Grondin and James Papadimitriou in Montreal and Richard Dawson in Calgary. Blakes was assisted by in-house counsel Céline Lévesque, Sun Life, and Jacques Taché, Industrial Alliance. Stephen Risk of Fasken Martineau DuMoulin LLP in Toronto acted as special counsel to TD Bank.
Boardwalk was represented by Neil Bindman, Nicole Cloutier and Josée Lefebvre of Osler, Hoskin & Harcourt LLP in Montreal; Roger Swainson of Brownlee Fryett in Edmonton; and was assisted by in-house counsel Doug Biggs. Canada Mortgage and Housing Corporation was represented by in-house counsel Louise Michel in Ottawa.