WINNIPEG, Sept. 10 /CNW/ - Temple Real Estate Investment Trust ("TREIT")
(TSX Venture: TR.UN) announced today the following financing updates:
1. Mortgage Loan Collected - the mortgage loan receivable secured by the
Nova Inn in Edson and Whitecourt, Alberta was collected in full on
September 8, 2009. The total amount received by TREIT, including
accrued interest, was approximately $7.13 million.
2. Clearwater Suites Second Mortgage Loan - the $10 million second
mortgage loan on Clearwater Suites has been paid down by
approximately $6.2 million from the receipt of the mortgage loan
receivable noted above. The remaining balance of $3.2 million is due
on February 1, 2010 and the interest rate has been adjusted to 11.5%.
3. Temple Gardens Hotel Mortgage Increased - the first mortgage loan of
Temple Gardens has been increased by $3 million and the mortgage
increase bears interest at 6.35% and has a 5 year term and 20 year
4. Merit Hotel Second Mortgage Payment - the $2 million principal
payment due on October 15, 2009 was paid in advance from the proceeds
of the Temple Gardens Hotel refinancing.
TREIT is a real estate investment trust, which is listed on the TSX
Venture Exchange under the symbols TR.UN (trust units), TR.DB.A and TR.DB.B
(convertible debentures). The objective of TREIT is to provide Unitholders
with stable cash distributions from investment in a geographically diversified
Western Canadian portfolio of hotel properties and related assets. There are
currently 12,825,352 trust units outstanding. For further information on
TREIT, please visit our website at www.treit.ca.
The TSX Venture Exchange has not reviewed or approved the contents of
this press release and does not accept responsibility for the adequacy or
accuracy of this press release.
For further information:
For further information: Arni Thorsteinson, Chief Executive Officer, or
Gino Romagnoli, Investor Relations, Tel: (204) 475-9090, Fax: (204) 452-5505,