On June 1, 2005, PenEquity Management Corp. completed a mezzanine financing for completion of the Metropolis entertainment development located in downtown Toronto, Ontario with approximately $57 million of construction financing provided by Entertainment Properties Trust (EPR). The balance of the construction debt financing has been underwritten and arranged by Royal Bank of Canada and RBC Capital Markets.
Metropolis, located at the north-east corner of Yonge and Dundas streets, is a planned 13-level, 360,000 square foot urban retail entertainment center, being developed by PenEquity. Announced tenants include the Canadian Music Hall of Fame, an AMC 24-screen megaplex theatre, a 29,537 square foot Future Shop and numerous other retailers and restaurants. Completion of the project is scheduled for summer 2007. Upon its completion, EPR has the option to acquire a 50 per cent interest in the Metropolis entertainment project. PenEquity serves as asset/development manager and advisor to the current owners, which are comprised of Canadian pension funds.
PenEquity was represented by Cassels Brock & Blackwell LLP with a team led by David Poynton that included Charles Newman and Tilly Gray (corporate) and Kenneth Yolles (real estate). EPR was represented in-house by Gregory Silvers, and by Stikeman Elliott LLP with a team led by C. Mario Paura that included Aaron Atcheson and Melissa Schyven (real estate) and John Lorito (tax). RBC is represented by McMillan Binch Mendelsohn LLP with a team led by Paul Avis that includes Andrea Onn.
Metropolis, located at the north-east corner of Yonge and Dundas streets, is a planned 13-level, 360,000 square foot urban retail entertainment center, being developed by PenEquity. Announced tenants include the Canadian Music Hall of Fame, an AMC 24-screen megaplex theatre, a 29,537 square foot Future Shop and numerous other retailers and restaurants. Completion of the project is scheduled for summer 2007. Upon its completion, EPR has the option to acquire a 50 per cent interest in the Metropolis entertainment project. PenEquity serves as asset/development manager and advisor to the current owners, which are comprised of Canadian pension funds.
PenEquity was represented by Cassels Brock & Blackwell LLP with a team led by David Poynton that included Charles Newman and Tilly Gray (corporate) and Kenneth Yolles (real estate). EPR was represented in-house by Gregory Silvers, and by Stikeman Elliott LLP with a team led by C. Mario Paura that included Aaron Atcheson and Melissa Schyven (real estate) and John Lorito (tax). RBC is represented by McMillan Binch Mendelsohn LLP with a team led by Paul Avis that includes Andrea Onn.
