June 30, 2016

Timbercreek Mortgage Investment Corporation Merges with Timbercreek Senior Mortgage Investment Corporation

Goodmans LLP represented Timbercreek Senior Mortgage Investment Corporation (TSX: MTG) (TSMIC) in connection with its merger with Timbercreek Mortgage Investment Corporation (TSX: TMC) (TMIC) to create Canada’s largest mortgage investment corporation (“MIC”). The merger made Timbercreek more than double the size of the next largest publicly traded MIC.

It was implemented by way of a plan of arrangement under the Business Corporations Act (Ontario) pursuant to which TMIC and TSMIC have amalgamated to form Timbercreek Financial Corp. (Timbercreek Financial), a leading non-banking commercial real estate lender. Timbercreek Financial has a book value of approximately $650 million and a mortgage investment portfolio of approximately $1 billion.

Concurrently with the completion of the arrangement, Timbercreek Financial closed an amended and restated credit agreement for a $350 million revolving credit facility with a syndicate of lenders with The Toronto-Dominion Bank as sole lead arranger, sole book-runner and administration agent. Timbercreek Financial also entered into a new management agreement with its manager, Timbercreek Asset Management Inc.

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