Sun Life Financial Inc. has provided the largest conventional mortgage in its history to Highstreet shopping centre in Abbotsford, the company announced Tuesday.
The $140 million term mortgage was advanced Oct. 31 to Shape Properties (Abbotsford West) Corp., developer of the 600,000-square-foot open-air shopping centre located at Highway 1 and Mt. Lehman Road.
"This is a new and exciting venture that is bringing growth, vibrancy and sustainability to the local economy, and is also consistent with our focus on high-quality, long-term investments," said Philip Gillin, senior managing director of Canadian property investments with Sun Life Financial.
John Horton, president of Shape Properties Corp., said the company is proud of Highstreet and "excited to be part of the Abbotsford community."
"A collaborative effort between Shape Properties and Sun Life Financial on the mortgage financing made this project possible and a true success."
The $200 million Highstreet development features three levels with main-street-style shopping, dining, entertainment and other services on 20 acres of land.
Anchor tenants include Walmart Supercentre, London Drugs, Marshalls, Cineplex Cinemas, Old Navy, H&M and Urban Behaviour.
Highstreet is owned by Shape Properties (Abbotsford West) Corp., a company holding the property on behalf of HOOPP (Healthcare of Ontario Pension Plan) and Shape Properties, based in Vancouver.
The mortgage was provided through Sun Life Assurance Company of Canada, a wholly owned subsidiary of Sun Life Financial.
In 2012, Sun Life Assurance committed to 128 commercial mortgage loans for a total of $1.1 billion in Canada and 69 loans for a total of $931 million (US) in the United States.