The Caisse de dépôt et placement du Québec is financing part of a $400 million loan facility to a mortgage brokerage firm.
The loan, co-financed by the Ares Management Corp, will support CrossCountry Mortgage, a lender operating throughout the U.S., as the business pursues an organic and inorganic expansion strategy. CrossCountry Mortgage currently operates out of 600 offices and provides mortgages to homebuyers in every state.
In a press release, Martin Laguerre, executive vice-president and head of private equity and capital solutions at the Caisse, said CrossCountry Mortgage is well-positioned to expand its presence in the American housing market.
“Alongside our longstanding partner Ares, we draw on the combined strengths of our teams to offer flexible credit financing tailored to the company’s needs — a result which offers attractive risk-adjusted returns for our clients, a core element sought by our capital solutions strategy.”
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In other news, the Alberta Investment Management Corp. is part of a joint venture acquiring a 40 hectare industrial property in Saint-Bruno-de-Montarville, a suburb of Montreal.
Following the acquisition, the joint venture, which also includes a real estate development firm, the Montoni Group, will invest $400 million in the construction of industrial buildings with 150,000 square metres of interior floor space. Construction of the new buildings is expected to begin in 2022.
When completed, the development will contain research and development facilities and office space designed to serve as logistics centres and head offices for businesses in the industrial sector.
Read: CPPIB, AIMCo team up with industrial REIT to acquire U.S. logistics real estate