Firm Capital Property Trust Successfully Refinances Retail Properties
March 13, 2024, 4:35 pm
Firm Capital Property Trust ("FCPT") has made significant progress in its 2024 mortgage maturities by successfully refinancing seven retail properties. The Trust has secured new mortgages for these properties, totaling 301,981 square feet and located in various provinces across Canada. With a 5.34% interest rate, 30-year amortization, and 4.5-year term, the Trust received approximately $3.4 million in additional proceeds compared to the maturing mortgage amounts. This success demonstrates FCPT's commitment to creating long-term value for its unitholders through disciplined investing and stable distributable income. The Trust is confident in its ability to refinance the remaining 2024 maturities and continue its growth trajectory.