Westman Village arranges $210 million loan with banking syndicate led by Bank of Montreal

On July 30, 2018, the developers of Westman Village, a new mixed-use community development in Calgary, arranged with a syndicate of banks for the provision of a $210 million loan.

The loan consisted of real estate term facilities, a swingline facility and a letter of credit facility to finance the development of new condominiums, apartments, retail, a senior’s living centre and an amenity centre.

The developers of Westman Village are affiliated with Jayman BUILT, one of Western Canada's real estate industry leaders and one of Alberta’s largest homebuilders.

Gowling WLG advised Westman Village in the negotiation of this financing with a team that was led by Darren Taylor (real estate) and that included Elizabeth Burton and Chris Dennehy (financing), assisted by student-at-law Reagan Chornoboy and paralegal Christine Vanderhooft.