32 LEXPERT MAGAZINE
|
OCTOBER 2017
BIG REAL ESTATE
fering and the proceeds from four new com-
mercial mortgage-backed securities loans in
the aggregate amount of US$236.2 million.
For the Offering and the acquisition,
AHIP was represented by Farris, Vaughan,
Wills & Murphy LLP, with a team led by
Brian Canfield that included Duncan Reid,
Robert Veitch, Mathew Smith and Sean Gal-
loway. AHIP was represented in certain US
commercial real estate and senior secured
financing matters by Snell & Wilmer LLP,
with a team led by Joyce Wright that includ-
ed Marc Currie, Angela, Perez, Ryan Kons-
dorf, Chris Provera and Jeff Porter. Daniel
Miller of Dorsey & Whitney LLP acted as
US counsel to AHIP for the Offering.
e underwriters were represented by
Blake, Cassels & Graydon LLP, with a
team led by William Fung that included Eric
Moncik, Jordan Knowles and Patrick Sever-
ide (securities) and Chris Van Loan and Ed-
ward Miller (tax). Christopher Morgan and
Annabelle Gardere (securities) and Sarah
Beth Rizzo and Sarah Ralph (tax) of Skad-
den, Arps, Slate, Meagher & Flom LLP
acted as US counsel to the underwriters for
the Offering.
e previous owners of the 18 hotel prop-
erties were represented in the sale by Latham
& Watkins LLP, with a team led by Gary
Axelrod that included Nathan Logan and
Renee Naylor.
RGF REAL ESTATE FUND LP
ACQUIRES THE COUNTRY
CLUB GOLF COURSE
IN WOODBRIDGE, ONT.
CLOSING DATE: MAY 3, 2017
On May 3, 2017, Clubhouse Developments
Inc., led by RGF Real Estate Fund LP (RGF),
acquired e Country Club Golf Course in
Woodbridge, Ont., for $220 million from
e Toronto Region Board of Trade.
Clubhouse Developments Inc. plans to
create a residential enclave with a blend of
family homes and a significant amount of
green space accessible to the community.
e 290-acre property is a coveted parcel
of prime land along the Humber River with-
in the thriving community of Woodbridge
in Vaughan.
e potential area for development is ap-
proximately one-third of the acreage.
Development is not slated to commence
immediately.
RGF's successful formula has been the
ability to partner real estate industry experts
and high-net-worth individuals with a pro-
fessional national pension fund.
RGF is responsive to opportunities, main-
tains the ability to raise capital efficiently and
exercises control over the functional oper-
ations of real estate development, construc-
tion and management while achieving max-
imum returns.
WeirFoulds LLP represented RGF and
Clubhouse Developments Inc. with a team
that included Sylvia Adriano, David omp-
son, Richard Arezes and Robert Eisenberg.
RGF was also represented by David Gold-
man, its in-house legal counsel, of HBNG
Holborn Group.
Borden Ladner Gervais LLP represented
the e Toronto Region Board of Trade with
a team that included Murray Shopiro and
Xue Yan.
SANDALWOOD MANAGEMENT
GROUP COMPLETES SALE
CLOSING DATE: JULY 7, 2017
On July 7, 2017, Sandalwood Manage-
ment Group (Sandalwood) completed the
$147-million sale to Nobel REIT LP (Nobel)
of a 100-per-cent interest in two properties
and a 50-per-cent interest in 24 properties.
e properties are located throughout the
province of Québec and one property is lo-
cated in the province of New Brunswick.
e transaction provides for Sandalwood
Management Group to remain as property
manager. Sandalwood is dually headquar-
tered in Austin, Texas, and Montréal, Qué-
bec, and owns and manages more than 80
properties across North America. e com-
pany's holdings encompass 6 million square
feet of retail and office space and more than
6,000 multi-family residential units.
(On April 3, 2017, Edgefront REIT and
Nobel REIT announced that the two REITs
had merged into a combined REIT that was
renamed Nexus REIT. e transaction was
completed by way of a previously announced
plan of arrangement.)
Sandalwood was represented by Stikeman
Elliott LLP. e Stikeman Elliott team was
composed of Bertrand Ménard, Mistrale Le-
page-Chouinard and Fannie Tremblay.
Nobel was represented by Cain Lamarre,
s.e.n.c.r.l. e Cain Lamarre team was
composed of René Gauthier, François Bail-
largeon Beauchamp and Stefan Nasswetter.
WPT INDUSTRIAL REIT COMPLETES
US$126.6M FINANCING
CLOSING DATE: JULY 18, 2017
WPT Industrial Real Estate Investment
Trust (the REIT) completed a public of-
fering of 6,735,500 trust units at a price of
US$12.85 per unit for gross proceeds to the
REIT of approximately US$86.6 million,
including the full exercise of the over-allot-
ment option (the Treasury Offering).
Concurrent with the Treasury Offering,
Welsh Property Trust, LLC (Welsh) also
completed a secondary offering of 3,115,000
units of the REIT at a price of US$12.85 per
unit for gross proceeds to Welsh of approxi-
mately US$40 million (the Secondary Offer-
ing, and together with the Treasury Offer-
ing, the Offering).
e Offering was made through a syndi-
cate of underwriters co-led by Desjardins
Capital Markets, CIBC Capital Markets
and RBC Capital Markets, with Desjardins
Capital Markets and CIBC Capital Markets
acting as joint bookrunners, and including,
BMO Nesbitt Burns Inc., National Bank
Financial Inc., Scotia Capital Inc., TD Se-
curities Inc., GMP Securities L.P., Indus-
trial Alliance Securities Inc. and Canaccord
Genuity Corp.
e REIT and Welsh were represented
internally by Matthew Cimino (General
Counsel and Secretary for each of the REIT
and Welsh). Blake, Cassels & Graydon LLP
acted as Canadian counsel to the REIT and
Welsh, with a team that included William
Fung, Matthew Merkley, Alison Desipio and
Yousaf Khan (securities) and Andrew Spiro
and Evan Schmid (tax). Briggs and Morgan,
Professional Association acted as US co-
counsel to the REIT and Welsh, with a team
that included Steven Ryan, omas Steichen
and Marcus Laman (securities). Shearman
& Sterling LLP acted as US co-counsel to
the REIT and Welsh, with a team of Larry
Crouch and Emalie Sundale (tax).
e syndicate of underwriters were repre-
sented by Davies Ward Phillips & Vineberg
LLP, with a team in Canada that included
Jim Reid and Jared Solinger (securities) and
Raj Juneja and Chris Anderson (tax); and in
the United States with a team that included
Scott Fisher (securities) and Peter Glicklich
and Heath Martin (tax).
