BNY Trust Company of Canada, a subsidiary of The Bank of New York, announced today that it has been selected to serve as custodian, security agent, master servicer and special servicer for Falcon Trust, Summit REIT Limited Partnership’s CAD $147,500,000 Commercial Mortgage Backed Securitization.
Falcon Trust was established and is administered by Scotia Capital Inc. on behalf of Summit REIT Limited Partnership. The debt for the transaction is secured by 60 industrial flex-space properties located in major urban centers across Canada.
“BNY Trust Company of Canada’s product expertise and ability to provide multiple services in our transaction made them the obvious choice,” says Craig Newell, vice president of real estate finance at Summit REIT. “We were looking for experience and convenience, and BNY Trust Company of Canada offered us both.”
“We look forward to providing Summit REIT with services that add value to their organization,” adds Steven Hodgetts, managing director and division head for global trust services at The Bank of New York. “This appointment highlights the Bank’s capabilities and underscores our dedication to service, quality, and innovation.”