US$24.4 million loan origination represents largest transaction to date
2019 year-to-date loan originations at approximately US$88.5 million
TORONTO, Oct. 01, 2019 (GLOBE NEWSWIRE) -- Terra Firma Capital Corporation (TSX-V: TII) ("Terra Firma" or the “Company”), is pleased to announce the closing of a first mortgage loan (the “Loan”) totaling US$24.4 million secured by a 422 acre site to be developed into 1,555 lots in the Austin, Texas MSA.
The Company partially funded US$12.5 million of the Loan on closing with available cash balances and funds from a large family office investor. The remainder of the Loan will be funded in the future with syndicate investor capital based on the borrower meeting certain conditions. With the closing of this transaction, Terra Firma has now originated approximately US$88.5 million of loans and investments year-to-date.
“We are very excited about the closing of the largest transaction to date for Terra Firma. This really highlights the depth of our investor base and demonstrates our ability to fund larger transactions which will be instrumental in our growth and ability to achieve greater scale,” commented Glenn Watchorn, President and Chief Executive Officer. “The closing of this new transaction combined with our originations this year should secure strong and growing earnings in coming quarters,” added Mr. Watchorn.
About Terra Firma
Terra Firma is a full service, publicly traded real estate finance company that provides real estate financings secured by investment properties and real estate developments throughout Canada and the United States. The Company focuses on arranging and providing financing with flexible terms to real estate developers and owners who require shorter-term loans to bridge a transitional period of one to five years where they require capital at various stages of development or redevelopment of a property. These loans are typically repaid with lower cost, longer-term debt obtained from other Canadian financial institutions once the applicable transitional period is over or the redevelopment is complete, or from proceeds generated from the sale of the real estate assets. Terra Firma offers a full spectrum of real estate financing under the guidance of strict corporate governance, clarity and transparency. For further information please visit Terra Firma’s website at www.tfcc.ca.
The TSX-V has neither approved nor disapproved the contents of this press release. The TSX-V does not accept responsibility for the adequacy or accuracy of this press release.
For further information, please contact:
Terra Firma Capital Corporation
Glenn Watchorn
Chief Executive Officer
Phone: 416.792.4702
gwatchorn@tfcc.ca
or
Terra Firma Capital Corporation
Y. Dov Meyer
Executive Vice Chairman
Phone: 416.792.4709
ydmeyer@tfcc.ca
or
Ali Mahdavi
Managing Director
Spinnaker Capital Markets Inc.
Phone: 416.962.3300
am@spinnakercmi.com