07:29 AM EDT, 10/17/2025 (MT Newswires) -- GO Residential Real Estate Investment Trust (GO-U.TO), near 52 week lows, overnight Thursday said it completed an accretive refinancing of One East River Place, "a premier luxury high-rise multifamily property" in Manhattan.

GO Residential REIT said that the property has been refinanced with a new five-year term mortgage, increasing the outstanding principal by approximately US$64.5 million, from $186.5 million to $251 million.

It said that the interest rate on the current outstanding amount of $186.5 million remains unchanged from the existing mortgage until the end of the second quarter of 2027. It added that, as a result, there will be no impact to adjusted funds from operations (AFFO) per unit from the difference on the base mortgage during that period.

GO Residential REIT said that beginning with the third quarter of 2027, the mortgage will have an interest rate of 5.02% until its maturity in September 2030 and that the incremental proceeds of $64.5 million will bear interest at 5.02% for the duration of the mortgage until its maturity in 2030.

The REIT said it used the net proceeds to partially repay its line of credit bearing interest at a rate of the Secured Overnight Financing Rate (SOFR) + 1.75%.

A statement noted that the repayment will be accretive to AFFO per unit and provide "incremental financial flexibility."

"The refinancing also de-risks the REIT's near-term refinancing exposure, further enhancing the stability and predictability of the REIT's cash flows," said the company.

"By locking in attractive long-term financing, up financing by US$64.5 million, and using the proceeds to partially repay our credit facility, we have strengthened our balance sheet, reduced risk, and positioned the REIT for continued growth and flexibility," said GO Residential REIT's chief executive officer and chief investment officer, Joshua Gotlib.