DBRS Assigns Ratings of BBB (low) to Paramount Apartments Limited

DBRS Limited (DBRS) assigned ratings of BBB (low) to the 3.510% Mortgage Loan due February 1, 2025 (Mortgage Loan 1) and the 3.530% Mortgage Loan due February 1, 2025 (Mortgage Loan 2; together with the Mortgage Loan 1, the Mortgage Loans). The Mortgage Loans are both first mortgage loans advanced to Paramount Apartments Limited by a major Canadian financial institution (the Lender).

The Mortgage Loans are secured by a multifamily apartment building with ground floor retail use (the Property) that is located at 1545-1551 South Park Street within the Peninsula South region of Halifax, Nova Scotia. DBRS’s rating of BBB (low) reflects the stability of the net cash flow provided by the in-place rental income, combined with the Property’s strong location within proximity to most amenities in the area and approximately 20% amortization that will take place over the term of both loans.

The ratings have been assigned at the request of the Lender.

Notes:
The principal methodology is the North American Single-Asset/Single-Borrower Methodology, which can be found on dbrs.com under Methodologies.

The rated entity or its related entities did not participate in the initial rating process. DBRS had access to the accounts and other relevant internal documents of the rated entity or its related entities.

For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.