Various locations throughout Canada
In March 2024, Partner’s client, a real estate investment trust (the Client), engaged Partner to support their expansion into Canadian real estate by performing due diligence assessments to support their acquisition of 75 manufactured housing communities throughout Canada. Partner provided equity-level Property Condition Assessments, Phase I Environmental Site Assessments, Zoning Reports, and Land Title Surveys for each site, and Water and Sewer Evaluations for select sites.
The geographic diversity of the portfolio, including many sites in remote areas, presented a challenge given the 30-day project timeline. Travel during Canadian winters is no small consideration. Partner leveraged its extensive network to identify local Canadian resources to supplement their Canadian team and ensure all site visits could be performed on schedule. The March weather, particularly at the northernmost sites, further complicated execution as survey teams performed with snow on the ground. Nevertheless, the Partner team was able to provide all scopes for all locations and deliver quality reports in a timely manner.
The transaction did not close in April as originally planned. It was resumed in July 2024, at which time the Client asked Partner to convert the originally provided equity-level Property Condition Assessments to debt-level reports formatted to satisfy the lender. Partner completed this request on a 15-day turnaround for all 75 sites. Click here for more details on the $740 million transaction.
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