Origin Merchant Partners is pleased to announce that it acted as Financial Advisor to the Special Committee of Northview Fund (“Northview”), providing a fairness opinion and independent formal valuations with respect to a recapitalization transaction including the acquisition of three multi-family portfolios (the “Acquisitions”) for an aggregate purchase price of $742 million, and Northview’s transformation into Northview Residential REIT (collectively the “Transaction”). The Acquisitions are as follows:
Northview Residential REIT will increase its support from its existing institutional investors, including affiliates of Starlight Investments and KingSett Capital, as well as a new, significant investment from a global institutional investor.
Northview was, prior to the Transaction, a three-year closed end fund with two one year extension options. The fund has almost $2 billion of total assets, with institutional investors comprised of affiliates of Starlight Investments, Kingsett Capital Inc., Alberta Investment Management Corporation and Timbercreek Asset Management. As part of the Transaction and to facilitate the Acquisitions, Northview will amend its declaration of trust in order to align the Fund with typical open-ended “real estate investment trusts” and will change its name to Northview Residential REIT. Northview Residential REIT’s portfolio will consist of 14,622 multi-family suites and execusuites and 1.25 million square feet of commercial space, located across nine provinces and two territories.
Origin Senior Leads: Charles Pennock, Rob Penteliuk, Shaun Quennell.
Origin Merchant Partners is pleased to provide a Fairness opinion to the Special Committee of the Board of Directors of Temple Hotels Inc. (“Temple”) with respect to a proposed acquisition by Morguard Corporation (“Morguard”) for all of the outstanding shares of Temple that it does not already own.
Temple Hotels Inc. is a hotel investment company with hotel properties located in primary and secondary markets across Canada. Its’ headquarters are located in Winnipeg.
Morguard Corporation is a fully integrated real estate company. Morguard owns, manages and invests in high-quality, well-located, geographically diversified assets across North America. With 40 years of experience and a dynamic team of 1,500 professionals, their commitment is to realize the potential of real estate through value creation and operational excellence. Morguard’s total assets owned and under management is valued at $21.3 billion.
Origin Senior Lead: Charles Pennock
Origin Merchant Partners is pleased to announce that an entity, majority-owned by the Public Sector Pension Investment Board (“PSPIB”), has indirectly acquired all of the real estate assets indirectly owned by Starlight U.S. Multi-Family (No.1) Value-Add Fund (the “Fund”). The acquisition was valued at approximately US$239.6 million.
Origin Merchant Partners acted as Financial Advisor to the special committee of The Independent Members of the Board of Directors of Starlight U.S. Multi-Family (No.1) Value-Add GP, Inc., providing a fairness opinion with respect to this transaction.
Starlight U.S. Multi-Family (No.1) Value-Add Fund is a limited partnership formed under the Limited Partnerships Act (Ontario) for the primary purpose of indirectly acquiring, owning and operating a portfolio of value-add, income producing rental properties in the U.S. multi-family real estate market.
Public Sector Pension Investment Board is one of Canada’s largest pension investment managers, investing funds for the pension plans of the Public Service, the Canadian Armed Forces, the Royal Canadian Mounted Police and the Reserve Force. PSPIB manages a diversified global portfolio in more than 75 industries and 75 countries.
Origin Senior Lead: Charles Pennock
Origin Merchant Partners is pleased to announce that Tricon Capital Group (“Tricon”) has acquired Starlight U.S. Multi-Family (No.5) Core Fund (“Starlight”). The acquisition was valued at approximately $1.4 billion.
Origin Merchant Partners acted as Financial Advisor to the special committee of Starlight U.S. Multi-Family (No.5) Core Fund, providing a fairness opinion with respect to this transaction.
Starlight U.S. Multi-Family (No.5) Core Fund is a limited partnership focused on acquiring, owning and operating a portfolio of diversified income producing rental properties in the U.S. multi-family real estate market.
Tricon is an investment manager focused on the residential real estate industry in North America with approximately $7.6 billion of assets under management. Tricon invests in a portfolio of single-family rental homes, multi-family rental apartments and for-sale housing assets, and manages third-party capital in connection with its investments.
Origin Senior Lead: Charles Pennock
Origin Merchant Partners is pleased to announce that Woodbourne Canada Management Inc. (“Woodbourne”) has completed its acquisition of the assets of the Ontario Student Housing Portfolio.
Origin Merchant Partners acted as Financial Advisor to Woodbourne with respect to this transaction.
Woodbourne Canada Management Inc. is a leading developer and operator of, and investor in, high-quality apartments, senior housing communities and other multi-residential real estate assets in prime urban areas across Canada.
The Ontario Student Housing Portfolio is comprised of four properties spread throughout southern Ontario. Totaling 1,463 beds, the properties house students attending Queen’s University in Kingston, Georgian College in Barrie, and the University of Ontario Institute of Technology and Durham College in Oshawa. The portfolio seeks to capitalize on the lack of high-end purpose-built student housing located within close proximity to premier Canadian universities and colleges.
Origin Senior Leads: Glenn Shyba, Rob Penteliuk
Origin Merchant Partners is pleased to announce that Starlight U.S. Multi-Family (No.5) Core Fund (“Starlight”) has completed its consolidation of the assets of the existing Starlight U.S. Multi-Family Core Funds and Campar Capital Corporation (“Campar”) into Starlight U.S. Multi-Family (No. 5) Core Fund by way of a previously announced plan of arrangement.
Origin Merchant Partners acted as Financial Advisor to Starlight U.S. Multi-Family Core Fund, Starlight U.S. Multi-Family (No.2) Core Fund, Starlight U.S. Multi-Family (No.3) Core Fund, and Starlight U.S. Multi-Family (No.4) Core Fund with respect to this transaction.
Starlight U.S. Multi-Family (No.5) Core Fund is a limited partnership focused on acquiring, owning and operating a portfolio of diversified income producing rental properties in the U.S. multi-family real estate market.
Origin Senior Lead: Charles Pennock
Origin Merchant Securities Inc. is pleased to announce that Widewaters Group (“Widewaters”) has completed a private placement of mezzanine debt for gross proceeds of USD $52,600,000. Net proceeds will be used for the development of a 299 room Hilton Curio hotel to be constructed at 218 SW Jefferson St. in downtown Portland, Oregon.
Origin Merchant Securities Inc. acted as financial advisor to Widewaters with respect to this transaction.
Widewaters Group is a vertically integrated real estate organization with over 30 years of development, construction, management and investment experience. Widewaters continues to develop and acquire quality real estate across North America. Widewaters has developed or acquired over 11.3 million square feet of retail, office, residential and hospitality projects including 27 hotels totaling more than 3,600 rooms in eleven US states and two Canadian Provinces. Widewaters is based in Syracuse, New York.
Origin Merchant Securities Inc. (“OMSI”) is a wholly-owned affiliate of Origin Merchant Partners. OMSI is an exempt market dealer that will agent private placements of debt and equity securities to finance the acquisition capital, growth capital or recapitalization needs of our clients. OMSI is registered as an Exempt Market Dealer with the Ontario Securities Commission.
Origin Senior Lead: Glenn Shyba
Origin Merchant Partners is pleased to announce that it is providing development management services for a new community retail centre in Oakville (“The Shops of Oakville South”). Longo’s will be a featured retailer along with other national tenants. This transaction is valued at approximately $40 million. Origin Merchant Partners is acting as Development Manager with respect to this new retail development.
The Shops of Oakville South is set in a desirable suburban area in south Oakville that represents an outstanding retail opportunity for both today and tomorrow. With a large amount of future residential construction planned, The Shops of Oakville South is keenly positioned to serve the well-educated and established families in the community.
Origin Senior Lead: Glenn Shyba
Origin Merchant Securities Inc. is pleased to announce that Freed Developments (“Freed”) has successfully completed its $5.5 million private placement with respect to its Davenport Road development.
Origin Merchant Securities Inc. acted as Agent to Freed Developments with respect to this transaction.
Freed Developments is a fully integrated and innovative lifestyle brand, home to 650 employees, over several different divisions, the recipient of numerous design awards, Freed has emerged as Canada’s top lifestyle developer. Bridging the gaps between design, architecture and experience with both luxury and environmental efficiency in mind, Freed has created contemporary designed buildings unmatched in the city.
Origin Merchant Securities Inc. (“OMSI”) is a wholly-owned affiliate of Origin Merchant Partners. OMSI is an exempt market dealer that will agent private placements of debt and equity securities to finance the acquisition capital, growth capital or recapitalization needs of our clients. OMSI is registered as an Exempt Market Dealer with the Ontario Securities Commission.
Origin Senior Lead: Glenn Shyba
Origin Merchant Partners is pleased to announce that it is providing development management services for a re-development project with respect to Hillside Centre Mall and its Target store addition in Victoria. This transaction is valued at approximately $120 million.Origin Merchant Partners is acting as Development Manager with respect to this ongoing re-development assignment.
Hillside Centre is located in Victoria, British Columbia and features more than 100 shops and services, including Sears, Bolen Books, Shoppers Drug Mart, Thrifty Foods, Starbucks and Tim Horton’s with a Target opening in early 2014.
Origin Senior Lead: Glenn Shyba
Origin Merchant Partners is pleased to announce it has completed the sale of a newly completed, grocery-anchored retail centre in Oakville, Ontario (“The Shops of Oakville South”). Longo’s is a featured retailer along with other regional and national tenants including BMO, Harper’s Landing and Kids & Co. This transaction is valued at $39,750,000 for a 75% interest.
Origin Merchant Partners acted as Advisor to the Vendor with respect to this transaction.
The Shops of Oakville South is set in a desirable location in southeast Oakville that represents an outstanding retail opportunity for both today and tomorrow.
Origin Senior Lead: Glenn Shyba
Origin Merchant Securities Inc. is pleased to announce that Widewaters Calgary Hotel Ownership Inc. (“Widewaters”) has completed a private placement of mezzanine debt for gross proceeds of $32,420,000. Net proceeds will be used for the development of a 320 room Hilton Garden Inn/Homewood Suites located at the intersection of 4th Street and & 7th Ave in Calgary’s Downtown East Village neighbourhood.
Origin Merchant Securities Inc. acted as financial advisor to Widewaters with respect to this transaction.
Widewaters Group is a vertically integrated real estate organization with over 30 years of development, construction, management and investment experience. Widewaters continues to develop and acquire quality real estate across North America. Widewaters has developed or acquired over 11.2 million square feet of retail, office, residential and hospitality projects including 23 hotels totaling more than 3,100 rooms in eleven US states and two Canadian Provinces. Widewaters is based in Syracuse, New York.
Origin Merchant Securities Inc. (“OMSI”) is a wholly-owned affiliate of Origin Merchant Partners. OMSI is an exempt market dealer that will agent private placements of debt and equity securities to finance the acquisition capital, growth capital or recapitalization needs of our clients. OMSI is registered as an Exempt Market Dealer with the Ontario Securities Commission.
Origin Senior Leads: Glenn Shyba, Rob Penteliuk
Origin Merchant Partners is pleased to announce that True North Apartment REIT has agreed to acquire a portfolio of 29 properties and instalment notes for approximately $286 million (the “Acquisition”). The closing of the Acquisition is subject to certain customary closing conditions, including lender consents.
Origin Merchant Partners was retained by the Special Committee of the Board of Directors of True North Apartment REIT to provide a Fairness Opinion with respect to the Acquisition.
True North Apartment REIT is an unincorporated, open-ended real estate investment trust established under the laws of the Province of Ontario. The REIT focuses on a long-term strategy to generate stable cash distributions on a tax efficient basis for Unitholders. The REIT intends to actively look for opportunities to expand its asset base and increase its distributable cash flow through acquisitions of additional multi-suite residential rental properties across Canada, the United States and other jurisdictions where opportunities may arise.
Origin Senior Lead: Glenn Shyba
Origin Merchant Partners is pleased to announce that it has secured construction financing for a community retail development in Oakville (“The Shops of Oakville South”). This transaction is valued at approximately $25 million.Origin Merchant Partners acted as the owner’s representative with respect to this financing.
The Shops of Oakville South is set in a desirable suburban area in south Oakville that represents an outstanding retail opportunity for both today and tomorrow. With a large amount of future residential construction planned, The Shops of Oakville South is keenly positioned to serve the well-educated and established families in the community.
Origin Senior Lead: Glenn Shyba
Origin Merchant Partners is pleased to announce that Westerkirk Capital (“Westerkirk”) has completed the sale of its interest in two regional shopping centres in Quebec. This transaction is valued at approximately $900 million.Origin Merchant Partners acted as Westerkirk’s representative with respect to this transaction.
Westerkirk Capital is a private investment firm based in Toronto. Westerkirk aims to build and own great companies over the long-term. Their focus is to provide strong management teams with the capital and expertise to pursue growth opportunities which reflect their values and aspirations.
Origin Senior Lead: Glenn Shyba
Origin Merchant Partners is pleased to announce that it has completed the sale of Strathcona Square Shopping Centre in a transaction valued at approximately $30 million.Origin Merchant Partners acted as exclusive advisor to the Vendor with respect to this transaction.
Strathcona Square Shopping Centre is located in south-west Calgary, Alberta. With its open-air concept and Cape Cod-like design it offers approximately 30 retail stores and services including children’s wear and toys, home décor and fashion.
Origin Senior Lead: Glenn Shyba
