Morguard REIT Refinances $163.9M Worth of Apartment Mortgages
Morguard North American Residential REIT has secured $163.9 million in Canada Mortgage and Housing Corporation-insured refinancing agreements since year-end 2025.
The loans have a weighted average term of 11.2 years, said Morguard. The maturing mortgages total $77.3 million and carry a weighted average interest rate of 2.88%. The refinancings are expected to close during the first and second quarters of 2026.
The proposed deals come after Morguard refinanced $245.6 million in mortgages in 2025.
The Mississauga-based REIT said the 2025 refinancings carried a weighted average interest rate of 4.92% and a weighted average term of 5.3 years. The maturing mortgages totalled $186.7 million at a weighted average interest rate of 3.29%, generating net proceeds of $58.9 million before financing costs.
In 2025, the REIT reported net income of $12.1 million, or 12.2%, from 2024. The gain was driven predominantly by a higher net fair-value gain.
During 2025, the REIT maintained liquidity of $226.5 million as of year-end, including approximately $114.5 million in cash and $112 million available under its revolving credit facility.
The REIT owns 43 multi-suite residential properties comprising 13,089 suites across Canada and the U.S. Its units trade on the Toronto Stock Exchange under the symbol MRG.UN.
Photo: Morguard
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