Tuesday, October 17, 2017
Canadian firm buys The Fenestra apartments at Rockville Town Square
"The Fenestra's condo-quality amenities, recent construction and prominent location in the hub of a growing community make the property an excellent addition to our portfolio," K. Rai Sahi, CEO of Morguard said in a statement. Sahi ranks #51 on the list of Canada's richest people, and the Globe and Mail estimates his net worth at $2 billion. Morguard cites the value of its total real estate portfolio as $21.9 billion.
Morguard obtained financing of $70.95 million in U.S. dollars, with a ten-year term at an interest rate of 3.55%.