(Source: The Globe and Mail)

CALGARY — The final piece of financing for Calgary’s landmark new Bow tower provides a much-needed vote of confidence to a city struggling with thousands of layoffs and a frozen real estate market.

Toronto based H&R Real Estate Investment Trust HR.UN-T, the firm building the $1.5-billion Bow tower, said late Wednesday night that it has secured $425-million in financing from a consortium of six Canadian banks.

With that in hand, H&R said it now has sufficient money to complete the 58-storey, two million-square-foot “trophy” that will be the tallest Canadian tower west of Toronto.

“It comes at a very good time simply because we have been barraged with continuous bad news about many aspects of the economy,” said Stephen Carruthers, the Calgary managing partner for Zeidler, the architecture firm that teamed with Foster + Partners to design the tower. “People consider it a talisman of continued confidence in the western economy.”

H&R did not disclose the terms of the financing, which it secured the same week it revealed it has put on hold a second building on the Bow site. That 200,000-square-foot mid-rise was meant to house a mix of retail and cultural arts space. Further details on the financial terms will come in several weeks, H&R said.

Read Nathan Vanderklippe’s full article “Financing secured for Calgary’s Bow tower” in the Globe and Mail (April 3 2009)

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