West Side Square Development Fund Completes US$50-Million Initial Public Offering and Acquires Interest in West Side Square Project
On November 9, 2023, West Side Square Development Fund (the "Trust") announced the completion of its US$50-million initial public offering. Pursuant to the offering, the Trust issued US$50 million of trust units.
The Trust was formed for the primary purpose of indirectly owning an interest in the development of a mixed-use purpose-built rental building, containing 477 rental units and approximately 9,800 square feet of commercial space, located at 66 Broadway in the West Side Square neighbourhood in Jersey City, New Jersey. Immediately following closing of the offering, the Trust indirectly acquired an interest in the project.
Each of Altree Developments Inc., Avenir Jersey Developments Limited (a company owned by associates of Lanterra Developments Inc.) and Westdale Construction Co. Limited, the sponsors of the Trust, as well as their minority co-investors have retained an ownership interest in the project.
Aird & Berlis represented Altree Developments, Avenir Jersey Developments Limited and Westdale Construction, as well as their minority co-investors in the project, with a team comprising Nili Goldman, Sean Mason, Melanie Cole, Alicia McKeag and Daniella Guzzi.