Timbercreek Financial Provides Update on Resolution of Group Sélection Loans
TORONTO, Feb. 05, 2025 (GLOBE NEWSWIRE) -- Timbercreek Financial (TSX: TF) (the 'Company' or 'Timbercreek Financial') today provided an update on its progress with two loans that were originally made to Groupe Sélection Inc. As previously disclosed (in December 13, 2022), Groupe Sélection filed an application under the Companies' Creditors Arrangement Act (CCAA) to proceed with a restructuring.
The loans related to two assets in Quebec: a high-quality operating retirement residence in Montreal called Rosemont Les Quartiers; and a multi-family residential building that was approximately 60% complete at that time. Subsequently, the Company has worked diligently toward a successful resolution of these investments.
In August 2023, Timbercreek Financial and its syndicated partners acquired Rosemont Les Quartiers with the intent to pursue a sale at the appropriate time. On January 30, 2025, Chartwell Retirement Residences (TSX: CSH.UN) announced a definitive agreement to acquire the residence. The proceeds will allow the Company to recover all principal and interest (Timbercreek Financial's 50% ownership interest was valued at approximately $62.0 million at year end).
The Company has also made meaningful progress on resolution of the second loan (approximately $18.0 million outstanding at year end). Through extensive asset management work, the loan is performing, construction of the apartment building is now more than 90% complete, and the Company expects to receive repayment of all principal upon the near-term refinancing of the asset.
'We appreciate the significant work done by our team and partners to resolve these two loans and recover the Company's capital,' said Blair Tamblyn, CEO of Timbercreek Financial. 'We continue working to ensure the best outcomes for our shareholders from the remaining staged loans in the portfolio and look forward to redeploying this capital into new loans in our core asset types.'
About the Company
Timbercreek Financial is a leading non-bank, commercial real estate lender providing shorter-duration, structured financing solutions to commercial real estate professionals. Our sophisticated, service-oriented approach allows us to meet the needs of borrowers, including faster execution and more flexible terms that are not typically provided by Canadian financial institutions. By employing thorough underwriting, active management and strong governance, we are able to meet these needs while generating strong risk-adjusted yields for investors. Further information is available on our website, www.timbercreekfinancial.com.
SOURCE: Timbercreek Financial
For further information, please contact:
Timbercreek FinancialBlair Tamblyn, CEOTracy Johnston, CFO 416-923-9967www.timbercreekfinancial.comSign in to access your portfolio
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View source version on Contacts For all inquiries, please contact:Taylor Hallmedia@ Sign in to access your portfolio
