HALIFAX — Halifax-based Clarke Inc. has announced it has received financing for construction of phase one of a multi-unit residential apartment complex on Carling Avenue in Ottawa.
Clarke recently entered into an $85-million credit facility with a major Canadian bank, stated a release. The loan bears interest at the lender’s prime rate and has a three-year term.
“We were very pleased with the strong lender interest in financing phase one of this development,” said Clarke CFO Tom Casey in a statement. “We received multiple extremely competitive offers from lenders across Canada.”
Phase one of the Carling Avenue development broke ground in May 2021 and has been self-financed to date.
Clarke, a publicly traded firm with real estate holdings across the hospitality, commercial, industrial and residential sectors, also released its Q3 results.
Net income for the three and nine months ended Sept. 30 was $3.9 million and $1.9 million respectively compared to net income of $3.5 million and $10.6 million for the same periods in 2021.
The company’s operating businesses were significantly more profitable during the quarter compared to the same period in 2021, in particular, the company’s hotels.