DBRS Assigns Rating of A (low) to the Mortgage Loan made to Albert & Lyon Equities Inc., Albert & Lyon Properties LP and Canderel CSQ Ottawa LP – Constitution Square

DBRS Limited (DBRS) assigned a new rating of A (low) to the Mortgage Loan (the Mortgage Loan) made to Albert & Lyon Equities Inc., Albert & Lyon Properties LP and Canderel CSQ Ottawa LP (collectively, the Borrowers) by a major Canadian financial institution (the Lender).

The Mortgage Loan is secured by a Class AA office and retail complex. DBRS’s rating reflects the stability of the net cash flow provided by the current high credit quality and mix of tenants, with staggered lease maturities, irreplaceable location in close proximity to a new light rail transit station where space is in high demand, current in place rents that are below market average, a 33% amortization that will take place over the term of the loan, the refinance risk and the derived DBRS loan to value ratio, which collectively support the A (low) rating.

The rating has been assigned at the request of the Lender.

Notes:
The principal methodology is the North American Single-Asset/Single-Borrower Methodology, which can be found on dbrs.com under Methodologies.

The rated entity or its related entities did not participate in the initial rating process. DBRS had access to the accounts and other relevant internal documents of the rated entity or its related entities.