Calloway Real Estate Investment Trust

Calloway Real Estate Investment Trust

February 18, 2009 12:07 ET

Calloway Announces Financings

TORONTO, ONTARIO--(Marketwire - Feb. 18, 2009) - Calloway REIT (TSX:CWT.UN) is pleased to announce it has refinanced two maturing mortgages in the first quarter. A commitment is in place for a $24 million five-year term loan, at an interest rate of approximately 5.75%, replacing a $17.5 million maturing conduit loan. The second loan for $9.9 million, has been renewed and extended for a one-year term at a 4.71% interest rate, and is repayable at any time.

Calloway has also been notified by SmartCentres that they have agreed to repay a $23.7 million mezzanine loan by the end of February 2009. The original maturity of the loan was January 2012.

These amounts are in addition to the previously announced $105 million syndicated bank facility, bringing total capital raising initiatives to over $160 million so far this year.

Mr. Simon Nyilassy, President and CEO, said, "Calloway continues to execute on its 2009 financial plan."

Contact Information

  • Calloway Real Estate Investment Trust
    Simon Nyilassy
    President and Chief Executive Officer
    (905) 326-6400 ext. 7649
    Calloway Real Estate Investment Trust
    Bart Munn
    Chief Financial Officer
    (905) 326-6400 ext. 7631
    (905) 326-0783 (FAX)