Increased financing proof of value add creation
LONDON, Ontario – July 20, 2021 – CCI Corpfin Capital Inc. and McCOR Management are pleased to announce a refinancing of their Westmount Commons redevelopment project in London, Ontario which will see the current shopping centre evolve into a mixed-use development that will be better able to serve the needs of a changing community.
The successful refinancing allows the project to continue with its dramatic repositioning of the asset with very competitive and affordable terms of financing made available by the Toronto-Dominion Bank and increasing from $22 million to $30 million commencing with an initial draw of $ 3.2 million.
The upward financing is a testament of the value add creation to date, taking the project from less than 50% occupancy when acquired in 2018 to over 75% occupied and committed leasing by July 2021.
Gord Wiebe, CEO and Principal, CCI Corpfin Capital states, “the success of the project continues and validates the asset management plan to transform a two-level fashion mall to a vibrant mixed-use amenity offering retail, medical and professional office and experiential retail.” Further details on this project and other redevelopments of commercial assets across Canada, please visit our website at www.corpfincapital.ca.
For more information and interview requests, please contact:
Gord Wiebe
CEO & Principal, CCI Corpfin Capital Inc. 403 923 4343
OR
Luc Corneli
Principal & Co-Founder, McCOR Management Inc. 416 494 3192
About Westmount Shopping Centre
In the heart of Canada’s first planned community, originally developed by legendary builder Mowbray Sifton, in London, Ontario, Westmount Shopping Centre is being reimagined by McCOR Management in partnership with CCI Corpfin Capital Inc.. Rolling out over three phases, Westmount will be reborn as a community hub to support the needs of an active and engaged neighbourhood – a place to live, work, learn, play, and shop. The Westmount project is poised to help write the next great chapter in mixed-use development.
About CCI Corpfin Capital Inc.
CCI is an asset management service provider with its own proprietary funds that co-invest with selected clients and focus on value creation and opportunistic acquisitions of commercial real estate across Canada in all asset classes.
For further information about CCI Corpfin Capital, visit www.corpfincapital.ca
About McCOR Management
McCOR Management has offices in Calgary, Edmonton, Gatineau, Regina, Toronto, Vancouver and Winnipeg, offering the national reach needed to best serve leading investors and occupiers whilst retaining the local expertise to accommodate smaller firms and sole proprietorships competitively. The formation of McCOR Management creates one of Canada’s largest privately-owned real estate development and property management companies, with over $3 billion of assets under management.
For further information about McCOR Management, visit www.mccor.ca