Solar Trust CMBS Offering

On October 30, 2000, Solar Trust completed its first offering of commercial mortgage-backed securities totalling $189.6 million. TD Securities Inc. acted as lead underwriter for an underwriting syndicate that included CIBC World Markets Inc. and RBC Dominion Securities Inc. Bearing a fixed interest rate of 7.33 per cent for the entire 10-year term, the loans are secured by a pool of 16 commercial mortgages placed on properties in Québec, Ontario and Alberta, all of which are owned beneficially in whole or in part by RioCan Real Estate Investment Trust, Canada’s largest REIT.

The mortgages were originated by Commercial Mortgage Origination Company of Canada, a subsidiary of The Toronto-Dominion Bank, which was created to implement commercial mortgages for the CMBS market. The mortgages will be serviced on behalf of the Trust by Midland Loan Services, Inc.

McCarthy Tétrault acted as counsel for Solar Trust and the underwriters, with a team consisting of James Archer, Ronald Schwass, Simon Fitzpatrick and William Ford (corporate and securities) and Gabrielle Richards (tax). Commercial Mortgage Origination Company of Canada called on Melvyn Rubinoff, Q.C. and Howard Rubinoff (corporate and securities), and Martin Middlestadt and Ian Kady (real estate) of Fogler, Rubinoff LLP for the origination and sale of the mortgages.