Institutional lenders complete $152 million term financing of Metropolitan Structures

On November 1, 2002, a syndicate of institutional lenders led by Sun Life Assurance Company (Clarica), and including The Toronto-Dominion Bank and Industrial-Alliance Life Assurance Company, completed a $152 million term financing of the 3,100 unit Nuns' Island Residential Portfolio known as Metropolitan Structures near Montreal. The portfolio is composed of many types of buildings, and is the largest residential project in Quebec. It is owned by two trusts controlled by Calgary-based, publicly traded Boardwalk Equities Inc.

Stephen Risk of Fasken Martineau in Toronto acted as special counsel to TD Bank.