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Shell Summary for Sept. 1, 2016

2016-09-01 21:02 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange gained 8.25 points to 794 Thursday. Daniel Drimmer's halted capital pool shell, Campar Capital Corp. (CHK), has submitted a filing statement for its qualifying transaction. The shell is acquiring an 80-per-cent interest in the Boardwalk Med Center apartment complex in San Antonio, Tex., from Huebner 192 LLC and Huebner 84 LLC. Mr. Drimmer's newly created Boardwalk Acquisition Partnership is acquiring the remaining 20-per-cent interest. The purchase price for 100 per cent of the property is $35.55-million (U.S.). To finance the purchase, Campar and Boardwalk Acquisition have arranged a $23.23-million (U.S.) mortgage and a $7-million (U.S.) mezzanine loan. Campar will pay for its remaining portion, $4.25-million (U.S.), with cash. It had working capital of $4.76-million on June 30.

The owners of Huebner 192 and Huebner 84 are real estate broker Gary Gill and his wife, lawyer Robyn Gill. Their confusingly named apartment complex is not a medical centre, but it is near the South Texas Medical Center. Boardwalk Med Center comprises 276 one- or two-bedroom units, of which 268 are occupied. The 11.91-acre property has 14 three-storey buildings, 434 parking spots, a clubhouse, a gym, a pool, a "business centre," a car service centre and a dog park. In 2015, Boardwalk Med Center earned $1.59-million (U.S.) before adjustments and other expenses, on revenue of $3.4-million (U.S.). In 2014, it earned $1.09-million (U.S.) before adjustments and other expenses, on revenue of $2.48-million (U.S.). On closing of the QT, its property manager will change to Alliance Residential Company from Greystar Management and Grep South LP.

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