TORONTO, April 27, 2017 /CNW/ - ReDev Properties Ltd. is pleased to announce three of its commercial properties have been approved for mortgage refinancing in the first quarter of 2017. Imperial Square in Guelph Ontario, Mall 58 in Calgary, Alberta and Parsons Place in Edmonton, Alberta are working with three different mortgage lenders to secure new refinancing terms resulting in increased savings for the company.
"We are very proud that our experience in acquiring quality assets in good locations, as well as our commitment to adding value to our assets has been recognized with the achievement of new mortgages," said ReDev Founder and President Richard Crenian. "Refinancing our mortgages are the logical next steps for these properties, allowing us to continue to grow and deliver strong returns for our group."
By refinancing these mortgages, ReDev Properties will secure interest rates at savings of 2 percent lower than the original terms. The surplus funds from the refinancing will allow ReDev Properties to further enhance the value of the assets by continuing to maintain the properties at a high level and making capital expenditures such building additional value add pads on locations.
The company looks forward to refinancing more of its properties' mortgages in 2017.
About ReDev Properties Ltd. ReDev Properties Ltd. is a Canadian commercial real estate asset manager. Since 2001, the company has purchased and managed over 30 commercial real estate properties in Canada. ReDev Properties locates existing commercial real estate properties in markets that will ensure assets retain, and increase, in value for necessary stability and future growth. The company's founder and President, Richard Crenian has managed over two billion dollarsÂ in real estate assets since 1981.