Firm Capital Property Trust has closed a $38.2 million mortgage refinancing of its 100% owned Multi-Residential Property located in Pointe-Claire, QC. The CMHC insured mortgage has a 3.69% fixed interest rate, 40-year amortization and a ten-year term. The previous bridge mortgage had a 7.02% effective interest rate.

As a result of the refinancing, the Trust will reduce its annual interest expense by approximately $1.3 million representing a savings of $0.035 per unit. The Trust has now refinanced all 2023 maturities except for one $2.4 million mortgage.