The construction loan will carry a fixed interest rate of 5.075%. It will convert into a 39-year term loan upon the start of the project's commercial operation and will amortize over a 36-year period starting three years from then.
The financing was arranged with a group of life insurance companies comprising The Manufacturers Life Insurance Company as agent and lead lender, and also The Canada Life Assurance Company and The Great-West Life Assurance Company as lenders.
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