(To read more on the multifamily market, click here.)
TORONTO-A 566-unit apartment complex here is under contract to be sold for C$59.6 million (US$51.4 million). The twin-tower development is located on Richmond Street, West of Bathurst Street.
The seller is a 90%-10% partnership of Westdale Construction Co. and listed property company Urbanfund Corp. Urbanfund Corp. chairman/chief executive Ronald Kimel is the principal shareholder of Westdale. Both companies are headquartered in Toronto. The identity of the buyer has not yet been revealed.
The property address is 790-800 Richmond St. W. The sellers' costs associated with redevelopment of the property include an assumed mortgage in the principal amount of $14 million; a construction line in the principal amount of $9.5 million and related loans; and property management fees.
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