Summit REIT Completes Credit Transactions

Summit Real Estate Investment Trust completed, on October 4, 2002, a renewal of its existing working capital line of credit with The Bank of Nova Scotia in the amount of $54.5 million. Summit REIT was represented by Michael Winton and John Hermann of Goodman and Carr LLP. The bank was represented by Merle Rosenhek of Gowling Lafleur Henderson LLP.

In addition, Summit REIT completed, on September 30, 2002, an increase to its existing line of credit with Bank of Montreal. The line of credit was increased to $75 million, and is being used to facilitate the purchase of new properties. Summit REIT was represented by Michael Winton and Stan Wax of Goodman and Carr LLP. The bank was represented by Jeffrey Alpert and Ian Kady of Fogler, Rubinoff LLP.

Lawyer(s)

Stanley J. Wax Ian N. Kady Jeffrey Alpert