TORONTO, Dec. 4, 2014 /CNW/ - Trez Capital Mortgage Investment Corporation (the "Company") (TSX:TZZ) announces that the previously disclosed conditional sale of a property with a non-performing mortgage carrying value of $21,840,914, was not completed by the purchaser. "We wish to assure investors that the failure of the purchaser to close this transaction was unrelated to the property itself, but rather stemmed from the purchaser re-evaluating their particular business plan for the property and deciding not to proceed," said Michael J.R. Nisker, President and CEO. "This particular property is attractive to users and/or large tenants given its relatively large floor plates for a well located suburban office asset," added Nisker. The Company is currently exploring an alternative transaction for dealing with this mortgage which, if completed, would be expected to result in the Company eventually being repaid in full on this mortgage. The Company expects to provide an update on this transaction in the coming weeks.
About the Company
The Company's objective is to acquire and maintain a diversified portfolio of mortgages in Canada that preserves capital and generates attractive returns in order to pay monthly dividends to its shareholders. The Company accomplishes its investment objectives through prudent investments in mortgages to qualified real estate investors and developers, focusing primarily on short-term bridge financing needs not currently serviced by traditional real estate lenders. Trez Capital Fund Management Limited Partnership is the manager of and portfolio advisor to the Company.
SOURCE: Trez Capital Junior Mortgage Investment Corporation
For further information: Karyn Phuong, Vice President, Investor Relations, Trez Capital, Tel: (647) 788-1788, E-mail: KarynP@trezcapital.com