On December 17, 2014, Parq Holdings Limited Partnership, a joint venture between Dundee Corporation, Paragon Gaming, Inc. and PBC VUR Limited Partnership, completed a US$415 million project financing for the development of a world-class urban resort and casino in Vancouver, British Columbia (the Resort). The project financing will provide the required financial commitment to complete the development and construction of the Resort. Once completed, the Resort will feature two luxury hotels, 60,000 square feet of conference and meeting space, six restaurants and lounges, retail space and a new home for the existing Edgewater Casino.
Construction has commenced and is expected to be completed at the end of 2016. Dundee 360 Real Estate Corporation, a wholly-owned subsidiary of Dundee Corporation, and Paragon Smithe Street Developer ULC, will jointly manage construction and operations of the Resort.
The project financing was arranged by a syndicate of financial institutions led by Credit Suisse Securities (USA) LLC, with the participation of Dundee Securities Ltd. and Valtus Capital Group, LLC.
Norton Rose Fulbright Canada LLP advised Parq Holdings Limited Partnership, with a team led by Cathy Singer and included Peter Wiazowski, Nicole Sigouin, Mary Kelly, Evan Cobb, Matthew Lippa, Alexander Schmitt (debt financing), Karen Galpern, Sarah Osman, Nikolai Kovtouchenko and Leo Wang (corporate), Adrienne Oliver and Brian Milne (tax) and Sheldon Elefant (US tax).
Boughton Law also advised Parq Holdings Limited Partnership as local B.C. counsel on financing, regulatory and corporate matters and included George Cadman, QC, Hugh Claxton, Doug Hopkins and Luca Citton.
Latham & Watkins LLP advised the syndicate as US counsel and was led by Brett Rosenblatt and included Steven Stokdyk, Loring Veenstra, Jocelyn Noll, Bryan McGrane, Jeffrey Brenner and Albert Yeh.
Farris, Vaughan, Wills & Murphy LLP advised the syndicate as Canadian counsel and was led by Brian Canfield and included Duncan Reid, Michael Allen, Gordon Love and Jamie Matthews.
Goodmans LLP, with a team comprising Rob Chadwick, Jeffrey Citron, Brendan O'Neill and Dan Dedic acted as Canadian counsel to the second lien term lenders forming part of the syndicate in connection with the second lien term loan agreement, and other related debt financing documents.
Christine Duhaime of Duhaime Law advised the syndicate on regulatory matters and Cameron Belsher of McCarthy Tétrault LLP advised Parq Holdings Limited Partnership on regulatory matters.