The REIT has acquired the remaining interest in the Marquee at Block 37, a premium multi-suite
residential property at the heart of Chicago's coveted Loop
MISSISSAUGA, ON, Dec. 30, 2019 /CNW/ - Morguard North American Residential REIT (TSX: MRG.UN) (the "REIT") completed the acquisition of the remaining 51% ownership interest in the luxury residential complex, the Marquee at Block 37, in Chicago, Illinois, on December 9, 2019. The REIT has acquired the remaining 51% not already owned by Morguard Corporation ("Morguard") from its investment partner, with whom the property was developed in 2016. Contemporaneously, Morguard increased its ownership from 49% to 50% and will operate the property on a 50/50 joint venture basis with the REIT. Concurrent with the acquisition, the REIT and Morguard completed a mortgage financing on the property in the amount of US$165.0 million for a 10-year term at an interest rate of 3.27%.
The acquisition represents a significant expansion of Morguard's footprint in Chicago, which will comprise ownership and management of 1,953 apartment suites. In addition to the Marquee at Block 37, Morguard's high-rise multi-suite residential assets in the city include Alta at K Station and Coast at Lakeshore East, also located in the Loop area.
About Morguard North American Residential REIT
Morguard North American Residential REIT (TSX: MRG.UN) is an unincorporated, open-ended real estate investment trust. With a strategic focus on the acquisition of high-quality multi-suite residential properties in Canada and the United States, the REIT maximizes long-term Unit value through active asset and property management. The REIT's portfolio consists of residential apartment communities located in Alberta, Ontario, Colorado, Texas, Louisiana, Georgia, Florida, North Carolina, Virginia and Maryland.
For more information, visit morguard.com
SOURCE Morguard North American Residential Real Estate Investment Trust
For further information: Morguard North American Residential REIT, K. Rai Sahi, Chairman and CEO, T 905-281-3800; Beverley G. Flynn, Senior Vice President, General Counsel, T 905-281-3800; Christopher A. Newman, Chief Financial Officer, T 905-281-3800 or email [email protected]