TORONTO, Oct. 23, 2013 /CNW/ - CMLS Financial, one of Canada's largest independent mortgage lenders, recently provided financing to Bentall Kennedy's Prime Canadian Property Fund, for their strategic acquisition of a highly desirable property on Vancouver's North Shore. Bentall Kennedy purchased Capilano Business Park in August 2013 and subsequently partnered with CMLS Financial to secure long-term debt financing. The property consists of three, two-storey mixed-use office/industrial buildings with a total of 290,000 square feet, on 10-acres of land.
"It was a pleasure working with the Bentall Kennedy team helping them finance their strategic acquisition," says Scott Naimer, Vice President Business Development, CMLS Financial. "They chose to work with us based on our pricing and turnaround time. We appreciate their confidence in CMLS Financial as a lender and look forward to helping them finance additional properties in the future."
CMLS Financial provided long-term financing in the form of a Commercial Mortgage Backed Securities (CMBS) first mortgage on the property.
The announcement comes on the heels of another recent CMBS transaction arranged by CMLS Financial; the $400 million Westin Hotel financing for Starwood Capital Group. This was the first time that a hotel portfolio was financed by way of a CMBS securitization in Canada.
About CMLS Financial
CMLS Financial is one of Canada's largest independently owned mortgage lenders, with offices across the country. Founded in 1974, the company provides a wide range of commercial mortgages, residential mortgages, and institutional services. With its CMBS lending program, CMLS Financial is at the forefront of reestablishing a valuable funding source within the Canadian market. Their "made-in-Canada" CMBS solution provides a servicing standard and level of flexibility previously unattainable through CMBS financing. For more information about Canada's Mortgage Company™, visit www.cmls.ca.
SOURCE: CMLS Financial
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