On February 2, 2006, Toronto-based Romspen Investment Corporation announced the completion of an initial offering of units in the Romspen Mortgage Investment Fund. Romspen is Ontario's leading non-bank, commercial mortgage lender.
The $174 million fund, which closed in January 2006, will be used to finance first and second commercial term mortgages, as well as for participation, bridge and construction loans for commercial real estate across Canada.
Gross proceeds of the offering were raised primarily from Romspen's existing mortgage investor clients. Units in the capital of the fund were offered on a private placement basis in reliance on certain exemptions from prospectus and dealer registration requirements available under the securities laws of various provincial jurisdictions. In addition to the fund, Romspen will continue to manage its pool of syndicated commercial mortgages, which grew to $249 million during 2005.
Romspen was represented by Victoria Stuart and Peter Moffatt of Gardiner Roberts LLP.
The $174 million fund, which closed in January 2006, will be used to finance first and second commercial term mortgages, as well as for participation, bridge and construction loans for commercial real estate across Canada.
Gross proceeds of the offering were raised primarily from Romspen's existing mortgage investor clients. Units in the capital of the fund were offered on a private placement basis in reliance on certain exemptions from prospectus and dealer registration requirements available under the securities laws of various provincial jurisdictions. In addition to the fund, Romspen will continue to manage its pool of syndicated commercial mortgages, which grew to $249 million during 2005.
Romspen was represented by Victoria Stuart and Peter Moffatt of Gardiner Roberts LLP.
