The property, 145-155 McLaughlin Road, consists of seven buildings, ranging from two to four storeys, each with six to 24 units.The selling price stands at a five-per-cent premium over the property's IFRS fair value as of March 31.
This move is expected to bring in around $4.7 million in cash proceeds for NexLiving after settling the current $14.7 million mortgage balance. The funds will enable the company to reduce its debt. The transaction is set to be finalized on June 24. It has been our privilege to have the trust and support of our East Coast communities for the last 200 years. Our SaltWire team is always watching out for the place we call home. Our 100 journalists strive to inform and improve our East Coast communities by delivering impartial, high-impact, local journalism that provokes thought and action. Please consider joining us in this mission by becoming a member of the SaltWire Network and helping to make our communities better.