On December 17, 2014, Parq Holdings Limited Partnership, a joint venture between Dundee Corporation, Paragon Gaming, Inc. and PBC VUR Limited Partnership, completed a USD$415 million project financing for the development of a world-class urban resort and casino in Vancouver, British Columbia (the resort). The project financing will provide the required financial commitment to complete the development and construction of the resort. Once completed, the resort will feature two luxury hotels, a 60,000 square foot conference centre, five restaurants, three lounges, retail space and a new home for the existing Edgewater Casino.
Construction has commenced and is expected to be completed at the end of 2016. Dundee 360 Real Estate Corporation, a wholly-owned subsidiary of Dundee Corporation, and Paragon Smithe Street Developer ULC, will jointly manage construction of the Resort.
The project financing was arranged by a syndicate of financial institutions led by Credit Suisse Securities (USA) LLC, with the participation of Dundee Securities Ltd. and Valtus Capital Group, LLC.
Boughton Law was part of the team of law firms advising Parq Holdings Limited Partnership as local B.C. counsel on financing, regulatory and corporate matters. The team included George Cadman, Q.C., Luca Citton, Hugh Claxton and Doug Hopkins.