The iconic, 58-storey Bow skyscraper, being built in the heart of downtown Calgary, has cleared another financing hurdle.

H&R Real Estate Investment Trust announced Thursday it has now closed a $425-million, 42-month construction facility for the development project with a syndicate of lenders led by RBC Capital Markets and TD Securities and including The Bank of Nova Scotia, Bank of Montreal, Alberta Treasury Branches and Canadian Western Bank.

“Today’s news basically signifies full steam ahead,” said Michael Brown, associate vice-president of Matthews Development (Alberta) Inc., which is building the massive tower. “The largest obstacle that you can face in this economy our partners were able to overcome.”

The Bow, a two million square foot office building, will be the headquarters of EnCana, which is leasing the entire tower and all of the 1,361 underground parking spaces for an initial term of 25 years. The REIT said the project is expected to reach 32 storeys by the end of this year and its full height by June 2010.

Read the full story by Mario Toneguzzi “The Bow clears another financial hurdle” in the Calgary Herald (April 23, 2009)

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