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