Westhaven REIT Announces the Purchase of a Mortgage to Boost Yield for Investors
For immediate release.
Wednesday, February 22nd, 2023
Westhaven Real Estate Investment Trust (“Westhaven REIT”) is pleased to announce the acquisition of a residential second mortgage for a property located in Mississauga, ON. The $235,000 mortgage will pay an annual interest rate of 14.99 percent and will contribute to the REIT’s ongoing goal of increasing the overall return for investors and stakeholders.
Westhaven REIT is permitted to purchase up to 10 percent in mortgages of the value of its portfolio in accordance with REIT Bylaws. Following the announcement, Saverio Nestico, MBA, CPA, President and CIO of Westhaven REIT, stated, “We are delighted to announce the first of many mortgage acquisitions to come as Westhaven REIT diversifies its portfolio further. This strategy will allow Westhaven REIT to drive significant growth, with an objective of establishing ourselves as a leader in the space.”
Westhaven REIT looks forward to continuing to deliver exceptional value for investors and stakeholders while strengthening its position in the market.
For more information contact:
Maria Fiorini
Director, Marketing & Communications, Westhaven Group
Caution regarding forward-looking statements
This press release contains forward-looking statements and information within the meaning of applicable securities law, including but not limited to expectations related to Westhaven REIT's future business strategy, objectives and plans for expansion; future performance; and anticipated benefits of Westhaven REIT’s strategy. These forward-looking statements reflect management’s current expectations and are subject to risks and uncertainties that could cause the outcome to differ materially from current expectations. Such risks and uncertainties include, among others: general economic conditions; tenant financial difficulties, defaults and bankruptcies; increases in operating costs, property taxes and income taxes; Westhaven REIT’s ability to maintain occupancy and to lease or release space at current or anticipated rents; development, intensification and acquisition activities; risks related to property development, sales and leasing; environmental liability and compliance costs and uninsured losses; and risks and uncertainties related to the impact of the COVID-19 pandemic or other epidemics or outbreaks. Readers, therefore, should not place undue reliance on any such forward-looking statements. Westhaven Group undertakes no obligation to publicly update any forward-looking statements or to reflect new information or the occurrence of future events or circumstances except as required by applicable securities law. All forward-looking statements in this press release are made as of the date hereof and are qualified by these cautionary statements.
About Westhaven Group
WHERE INTEGRITY AND RELIABILITY MEET.
Westhaven Group oversees a collection of companies involved in managing and trading over 600,000 square feet of real estate across the City of Toronto and surrounding areas.
With multiple years of experience in the industry, our team works within residential and commercial spaces ensuring every aspect of real estate investment is covered.
Westhaven Group is a go-to source for all of your company needs.