On October 19, 2023, Entreposage Montréal Mini-Storage (MMS) successfully obtained a $150 million multi-tranche revolving credit facility, led by The Bank of Nova Scotia Inc. (Scotiabank) and including HSBC Bank Canada and Canadian Western Bank Inc. This Syndicated Facility was structured in several tranches for refinancing existing mortgages, funding future growth and acquisitions, and general corporate use.

Additionally, MMS secured a separate $35 million financing from Roynat Capital, a Scotiabank affiliate. This facility is earmarked for property stabilization and construction capital expenditures. The total financing, combining both facilities, reached $185 million, with a four-year term and a two-year principal moratorium. It also offers additional credit through an accordion feature based on MMS's growing earnings.

CFO Igor Bernadski highlighted the financing's reflection of MMS's strong relationships with financial institutions, while CEO Simon Berman viewed it as a vote of confidence in their strategy and team, enabling rapid growth and facility upgrades.

Fasken Martineau DuMoulin LLP represented Montreal Mini-Storage in this process. The legal advisors for the lenders were Blakes, Cassels & Graydon LLP and Dentons LLP, with Alvarez and Marsal Canada Securities ULC as the financial advisor for MMS. This financing showcases the resilience and potential of the self-storage industry, particularly in a constrained capital market environment.