05:30 PM EDT, 03/11/2024 (MT Newswires) -- Firm Capital Property Trust after trade Monday provided an update regarding its recent refinancing, renewal of a large portion of its 2024 mortgage debt maturities.

For 2024, $97.5 million of the Trust's $303.7 million mortgages mature. To date, $27.8 million or 28.5% of these maturities have been completed.

According to Monday's statement, the Trust has put in place new mortgages secured by seven retail properties totaling 301,981 square feet (100% occupied) located in Alberta, Nova Scotia, Saskatchewan, Ontario and Quebec. The properties are owned in a joint venture with Crombie Real Estate Investment Trust (CRR-UN.TO). It said the proceeds of the new mortgages are approximately $55.5 million, excluding transaction costs. The Trust's portion of the mortgages is approximately $27.8 million, excluding transaction costs. The mortgages have a 5.34% interest rate, 30 year amortization and 4.5 year term. The Trust received additional proceeds of approximately $3.4 million versus the maturing mortgage amounts. These net proceeds were used to repay amounts due under the Trust's various credit facilities.

Monday's statement added: The Trust is currently working through the remainder of the 2024 Maturities and will update unitholders during 2024. As it currently stands, the Trust does not see an issue with refinancing the balance of the 2024 Maturities.