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ROI Canadian High Income Mortgage Fund (RIH.UN) Top 25 Investments
as at February 28, 2014
2088013 Ont. Inc., (Empire Communities-Brampton)
$15.89 million PRE/D (R) Multi- Residential
Brampton, ON
RIH.UN-Top 25 Investments Summary (As at February 28th, 2014)
300, 302 & 304 The East Mall LP
$11.73 million PRE (C) Office
Toronto, ON
Heritage Grove Centre Inc. (Villarboit- Owen Sound)
$7.71 million PRE/D (C) Retail- Consumer
Discretionary Owen Sound, ON
Hilldale Gardens Developments
$6.31 million 1st Mortgage
Multi-Residential Thunder Bay, ON
219 Laurier Avenue West LP
$10.96 million PRE (C) Office
Ottawa, ON
Manior La Noblesse And Residence Vanier*
$7.50 million 2nd Mortgage
Multi-Residential Laval, QC
318 Queen St. West Inc. & 360 Queen St. West Inc.
$4.54 million 1st Mortgage
Retail-Consumer Discretionary Toronto, ON
185,191 & 195 The West Mall LP
$25.32 million PRE (C) Office
Toronto, ON
Sussex Centre LP
$20.24 million PRE (C) Office Mississauga, ON
Empire Communities (2183 Lakeshore Blvd.,) LP
$17.90 million PRE/D (R) Multi- Residential
Toronto, ON
401 & 405 West Mall LP
$16.31 million PRE (C) Office
Toronto, ON
London City Centre LP
$10.67 million PRE (C) Office
London, ON
Applewood II Hotel Holdings Inc.
$4.92 million 1st Mortgage
Hospitality Vaughan, ON
Villarmark Inc. (Villarboit - Markham)
$21.08 million PRE/D (C) Retail- Consumer
Discretionary Markham, ON
49 Ontario Street LP
$5.95 million PRE (C) Office
Toronto, ON
2261 Keating Cross Road LP
$4.26 million PRE (C) Office
Victoria, BC
77-79 EDR Inc.
$6.75 million
2nd Mortgage Industrial
Toronto, ON
2284477 Ontario Limited (Villarboit North Bay)
$9.76 million PRE/D (C ) Retail- Consumer
Discretionary North Bay, ON
Strathroy Land Corporation (Villarboit- Strathroy)
$4.77 million 1st Mortgage
Retail -Consumer Discretionary Strathroy-Caradoc, ON
Gulf & Pacific Equities Corp.
$4.25 million
1st Mortgage Retail - Consumer Discretionary
Cold Lake, AB
350-450 Lansdowne Street LP
$4.11 million PRE (C) Retail- Consumer
Discretionary Kamloops, BC
Bayfield Mill Woods Limited Partnership
$3.84 million PRE (C) Retail- Consumer
Discretionary Edmonton, AB
McLeod Square Inc. (Villarboit- Niagara Falls)
$3.83 million PRE/D (C) Retail- Consumer
Discretionary Niagara Falls, ON
PRE (C): Private Real Estate- Commercial PRE/D (C): Private Real Estate Development- Commercial PRE/D (R): Private Real Estate Development- Residential
2276844 Ontario Limited (Villarboit - Brantford)
$4.53 million PRE/D (C) Retail- Consumer
Discretionary Brantford, ON
2256227 Ontario Inc.(St. Jacobs Country Inn)
$8.40 million 1st Mortgage
Hospitality Waterloo, ON
185, 191 & 195 The West Mall LP is a three building Class A office complex, located in a high visibility area on the 427 corridor in the
Greater Toronto Area. The current tenants include SNC Lavalin Inc., Transat Tours Canada Inc., and Cogeco Data Services LP. This
complex is co-owned with Dundee REIT which is an open-ended real estate investment trust that primarily owns a portfolio of well-
located, high-quality central business district and suburban office assets in major urban centres across Canada.
185, 191 & 195 THE WEST MALL LP
Equity Investment:
$25,318,177
Private Real Estate - Commercial Office
Toronto, ON
Villamark Inc. (Villarboit - Markham) consists of 31.76 acres of land with an official plan designation of Major Commercial. This property
is ideally located with high accessibility to Markham Road/Highway 48 and the Major MacKenzie Dr. East neighborhood that is
comprised of thousands of new residential dwellings and retail/commercial activity. Villarboit Development Corporation is a Toronto
based developer of retail properties with a 25 year history of delivering quality properties for its clients and investors.
GLA?
Private Real Estate Office
Oakville, ON
VILLARMARK INC. (VILLARBOIT- MARKHAM)
Equity Investment:
$21,075,648
Private Real Estate Development- Commercial Retail Consumer Discretionary
Markham, ON
Sussex Centre LP is a two building Class A office complex, located in the Mississauga City Centre. Amenities in the area include
Mississauga Square One shopping centre, Mississauga Living Arts Centre, and a regional transit terminal. The complex has 649,915 Sq.
Ft. of total rentable area and its current tenants include Edward D. Jones & Co. and BMO Nesbitt Burns. This building is co-owned with
Dundee REIT which is an open-ended real estate investment trust that primarily owns a portfolio of well-located, high-quality central
business district and suburban office assets in major urban centres across Canada.
SUSSEX CENTRE LP
Equity Investment:
$20,238,091
Private Real Estate - Commercial Office
Mississauga, ON
Empire Communities (2183 Lakeshore Blvd.) LP is a three phase high rise condominium development, consisting of approximately
1,114 residential units. It is minutes from the Gardiner Expressway allowing for close access to downtown Toronto and Pearson
International Airport. Empire Communities has received numerous awards for its building programs and is involved in all sectors of the
new home building industry including commercial, industrial, low rise and high rise residential.
EMPIRE COMMUNITIES (2183 LAKESHORE BLVD.) LP
Equity Investment:
$17,899,092
Private Real Estate Development Multi- Residential
Toronto, ON
and the QEW. Each building has 11 floors with a total rentable area of 411,285 Sq. Ft. Current tenants include Parmalat Canada Inc. and
Trader Corporation. This complex is co-owned with Dundee REIT which is an open-ended real estate investment trust that primarily owns
a portfolio of well-located, high-quality central business district and suburban office assets in major urban centres across Canada.
401 & 405 West Mall LP is a two building office
complex, located with easy access to highways 401, 427
401 & 405 WEST MALL LP
Equity Investment:
$16,310,520
Private Real Estate - Commercial Office
Toronto, ON
2088013 Ont. Inc. is an investment in 95.92 acres of land located on McLaughlin Road in close proximity to Hurontario Street with easy
access to Highways 407 and 401 to the south. The land forms part of an approved secondary city plan designating the property for low
to medium density residential use. Empire Communities has received numerous awards for its building programs and is involved in all
sectors of the new home building industry including commercial, industrial, low rise and high rise residential.
GLA?
Private Real Estate Office
Oakville, ON
2088013 ONT. INC., (EMPIRE COMMUNITIES - BRAMPTON)
Equity Investment:
$ 15,885,809
Private Real Estate Development Multi- Residential
Brampton, ON
300, 302 & 304 The East Mall LP (The Valhalla Executive Centre) is a three building office complex located in the west end of the
Greater Toronto Area. The current tenants include Meloche Monnex Inc. and ERCO Worldwide, a division of Superior Plus. This
complex is co-owned with Dundee REIT which is an open-ended real estate investment trust that primarily owns a portfolio of well-
located, high-quality central business district and suburban office assets in major urban centres across Canada.
300, 302 & 304 THE EAST MALL LP
Equity Investment:
$11,727,761
Private Real Estate - Commercial Office
Toronto, ON
219 LAURIER AVENUE WEST LP
Equity Investment:
$10,959,409
Private Real Estate - Commercial Office
Ottawa, ON
219 Laurier Avenue West LP is an office building centrally located in downtown Ottawa. The property is fully-leased with approximately
97% leased by the Federal government providing stable cash flows. The building is 188,749 Sq. Ft. and is located in close proximity to
Highway 417, one of the three major arterial highways of greater Ottawa. This complex is co-owned with Dundee REIT which is an
open-ended real estate investment trust that primarily owns a portfolio of well-located, high-quality central business district and
suburban office assets in major urban centres across Canada.
LONDON CITY CENTRE LP
Equity Investment:
$10,671,106
Private Real Estate - Commercial Office
London, ON
London City Centre LP is a two building office complex, centrally located in downtown London, Ontario. Current tenants include TD Bank, FedEx
Office Canada Limited and National Bank. This building is co-owned with Dundee REIT which is an open-ended real estate investment trust
that primarily owns a portfolio of well-located, high-quality central business district and suburban office assets in major urban centres across
Canada.
2284477 Ontario Limited, more commonly known as McKeown Commons is a retail centre undergoing construction at 790-850 McKeown Street
with excellent exposure to Highway 17, the main north/south expressway through Northern Ontario. The retail centre, once constructed, will span
523,591 Sq. Ft. and will include several large chains such as Winners, Sportchek and Michaels. Villarboit Development Corporation is a Toronto
based developer of retail properties with a 25 year history of delivering quality properties for its clients and investors.
2284477 ONTARIO LIMITED (VILLARBOIT NORTH BAY)
Equity Investment:
$9,756,868
Private Real Estate Development- Commercial Retail - Consumer Discretionary
North Bay, ON
2256227 Ontario Inc. is a first mortgage on two hotel properties with 118 and 104 rooms respectively, located in the city of Waterloo
next to several popular tourist attractions including the historic town of St. Jacobs, an outlet mall, Country Playhouse, and the Horse
Drawn Trolley tours. These hotels are branded Courtyard Marriott and Destination Inn who have over 900 hotels worldwide.
2256227 ONTARIO INC. (ST. JACOBS COUNTRY INN)
$8,399,225
1st Mortgage Hospitality
Waterloo, ON
LTV: 63.01% 5 year term
HERITAGE GROVE CENTRE INC. (VILLARBOIT- OWEN SOUND)
Equity Investment:
$7,712,674
Private Real Estate Development- Commercial Retail- Consumer Discretionary
Owen Sound, ON
Heritage Grove Centre Inc. is a 203,588 Sq. Ft. retail complex being developed by Villarboit, an established commercial developer in
Ontario. The partially completed property is ideally located within the targeted retail growth area of Owen Sound, with anchor tenants
including Winners, Michaels and Value Village.
This is a second mortgage on a senior’s residential complex of three 4-storey buildings which comprise a combined total of 174,955 Sq.
Ft. of gross building area, on a 97,285 Sq. Ft. site. The buildings contain a total of 167 residential units along with several on-site
amenities such as a reception hall, game room, indoor swimming pool, gym, rooftop terrace, and underground parking facilities. The
property is well located along Pie-IX Expressway which connects the Island of Laval to the City of Montreal.
MANIOR LA NOBLESSE AND RESIDENCE VANIER*
$7,500,000
2nd Mortgage Multi-Residential
Laval, QC
LTV: 74.62% 3 year term
77-79 EDR Inc.
77-79 East Don Roadway Inc. (EDR) is a second mortgage on two buildings located in the West Don Lands, about a fifteen minute walk
from downtown Toronto. The West Don Lands is undergoing a transformation, with 6,500 residential units, an elementary school and
various commercial amenities planned for development. Both 77 and 79 EDR are three floor buildings covering 124,091 and 65,278 Sq.
Ft. respectively. Both are 100% leased. A unique feature of this property is that the rooftop is also leased to an advertising company for
an outdoor billboard placement.
77-79 EDR INC.
$6,749,474
2nd Mortgage Industrial
Toronto, ON
LTV: 78.57% 2 year term
Hilldale Gardens Retirement Living is a first mortgage on a three-storey independent living retirement home, with 68 suites. This first
mortgage is backed by Corporate Guarantors including Quality Retirement Living (QRL -which currently owns and manages five
retirement homes in Ontario), Crestline Development Corporation and HG Holdings Ltd.
HILLDALE GARDENS DEVELOPMENTS
$6,306,336
1st Mortgage Multi-Residential
Thunder Bay, ON
LTV: 72.20% 5 year term
49 Ontario St. LP is an 87,000 Sq. Ft. office building located in downtown Toronto. The property is 100% leased, current tenants include
Technicolor Creative services, which occupies 76,749 Sq. Ft. and Equinox Development Inc. which occupies 3,335 Sq. Ft. The building is
managed by and co-owned with Dundee REIT which is an open-ended real estate investment trust that primarily owns a portfolio of
well-located, high-quality central business district and suburban office assets in major urban centres across Canada.
49 ONTARIO ST. LP
Equity Investment:
$5,945,470
Private Real Estate - Commercial Office
Toronto, ON
Applewood II Hotel Holdings Inc. is a first mortgage on a 7-storey Homewood Suites Hotel with 140 guest suites complemented by an
indoor pool and boardroom space. The hotel is located on the west side of Applewood Crescent, and east of Highway 400 surrounded by
a variety of restaurants and retail services. This property is owned by The Easton’s Group, which has won numerous awards and is well
known for their prime locations and the quality of their properties.
APPLEWOOD II HOTEL HOLDINGS INC.
$4,920,872
1st Mortgage Hospitality
Vaughan, ON
LTV: 69.25% 5 year term
Strathroy Land Corporation is a first mortgage on approximately 110,000 Sq. Ft. property located at 70 Carroll Street East. The location
of the retail centre is considered to be within the pre-eminent retail development within both the township of Strathroy- Caradoc and
the surrounding rural communities. Villarboit has completed 20,000 Sq. Ft. of the retail centre, which is 100% leased and occupied and
is anchored by LCBO and Dollarama with an average lease term of 11 years. The excess land available for development supports up to
90,000 Sq. Ft. of additional retail space. Other retailers in the area adjacent to the Centre are Walmart and Canadian Tire.
STRATHROY LAND CORPORATION (VILLARBOIT – STRATHROY)
$4,770,277
1st Mortgage Retail Consumer Discretionary Strathroy-Caradoc, ON
LTV: 70.98% 1.5 year term
318 Queen St. West Inc. & 360 Queen St. West Inc. is a first mortgage on two retail properties of 5,227 Sq. Ft. and 3,049 Sq. Ft.
respectively, located in downtown Toronto just to the west of the “Financial Core”. Commercial development within the neighborhood
consists of a mixture of retail and restaurants/entertainment uses along Queen Street. The area benefits from proximity to the
downtown business district and from the convenient access provided by public transportation.
318 QUEEN ST. WEST INC. & 360 QUEEN ST. WEST INC.
$4,540,976
1st Mortgage Retail - Consumer Discretionary
Toronto, ON
LTV: 71.26% 5 year term
2276844 Ontario Limited (Villarboit – Brantford) is a 155,000 Sq. Ft. Class A commercial shopping centre being developed by Villarboit
Development Corporation. This retail development will be built on an approximately 14 acre parcel of land located on north side of
Henry Street, west of Wayne Gretzky Parkway in Brantford, Ontario. Adjacent to Lowe’s and Tim Hortons, major tenants of the new
development will be Michaels, PetsMart and Bed, Bath and Beyond. Villarboit Development Corporation is a Toronto based developer of
retail properties with a 25 year history of delivering quality properties for its clients and investors.
2276844 ONTARIO LIMITED (VILLARBOIT - BRANTFORD)
Equity Investment:
$4,531,713
Private Real Estate Development- Commercial Retail Consumer Discretionary
Brantford, ON
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2261 Keating Cross is a suburban office building also known as Gateway Park, ideally located in Victoria’s largest business park, twenty minutes from
downtown Victoria and ten minutes from both Victoria International Airport and Swartz Bay ferry terminal to Vancouver. The building is comprised
of two floors approximately 80,775 Sq. Ft. each. The building includes major tenants such as Telus, British Columbia Ambulance Service and British
Columbia Emergency and Health Services Commission. This property is co-owned with Dundee REIT which is an open-ended real estate investment
trust that primarily owns a portfolio of well-located, high-quality central business district and suburban office assets in major urban centres across
Canada.
2261 KEATING CROSS ROAD LP
Equity Investment:
$4,264,007
Private Real Estate - Commercial Office
Victoria, BC
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GULF & PACIFIC EQUITIES CORP.
$4,248,268
1st Mortgage Retail - Consumer Discretionary
Cold Lake, AB
LTV: 56.64% 5 year term
Gulf & Pacific Equities Corp. is a first mortgage on two single level enclosed malls in Alberta more commonly known as the St. Paul Shopping Centre
and Tri City Mall. In addition to the mall, St. Paul's Centre has two free standing pads fronting 50th Avenue (Tim Hortons and Petro Canada). The Tri
City Mall located in Cold Lake has three outparcel buildings (including Pizza Hut and ATB Bank) fronting 51st Street. The St. Paul Centre is anchored
by Giant Tiger. The Tri City Mall is anchored by Sobeys, Dollar Tree and Sportchek. St. Paul and Cold Lake are strategically located at the centre of
the east/central region of Alberta.
350-450 Lansdowne Street LP is a community retail centre ideally located in the commercial district known as Kamloops Downtown
Centre. The property is comprised of 10 buildings in a total area of 13.18 acres with major tenants including London Drugs and Coopers.
This property is co-owned with Dundee REIT which is an open-ended real estate investment trust that primarily owns a portfolio of well-
located, high-quality central business district and suburban office assets in major urban centres across Canada.
GLA?
Private Real Estate Office
Oakville, ON
350-450 LANSDOWNE STREET LP
Equity Investment:
$4,106,501
Private Real Estate Commercial Retail - Consumer Discretionary
Kamloops, BC
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Bayfield Mill Woods Limited Partnership is a major mall located in the Mill Woods region south-east of Edmonton spanning 534,956 Sq.
Ft. and forms the focal point of the community, providing the critical mass of retail services for the area. It is currently 99% occupied
with anchor tenants such as Canadian Tire, Target, Safeway, and Shoppers Drug Mart.
BAYFIELD MILL WOODS LIMITED PARTNERSHIP
Equity Investment:
$3,835,958
Private Real Estate Commercial Retail - Consumer Discretionary
Edmonton, AB
McLeod Square Inc. is approximately 11 acres of commercial development land and 4.5 acres of residential land located at the
north-west corner of the intersection of McLeod Road and Montrose Road a growing retail hub that already includes Lowe’s, with
excellent exposure from the QEW. The property has an official plan designation for commercial and residential uses. Villarboit
Development Corporation is a Toronto based developer of retail properties with a 25 year history of delivering quality properties for its
clients and investors.
MCLEOD SQUARE INC. (VILLARBOIT - NIAGARA FALLS)
Equity Investment:
$3,829,520
Private Real Estate Development Commercial Retail – Consumer Discretionary
Niagara Falls, ON
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Commissions, trailing commissions, management fees and expenses all may be associated with investments in closed-end investment funds. Closed-end investment funds are not guaranteed; their values change frequently and past performance may not be repeated. Return On Innovation Advisors Ltd. (“Manager”) manages ROI Canadian High Income Mortgage Fund (RIH.UN), ROI Canadian Mortgage Income Fund (RIL.UN) and ROI Canadian Real Estate Fund (RIR.UN) (each a “Fund” and, collectively, the “Funds”) and operates under the business name ROI Capital. This investment portfolio summary will change due to ongoing portfolio transactions of the Fund. The dollar amount listed with each investment is the fair market value of the investment as at February 28, 2014. The process by which the investments are valued is fair and reasonable. There is no published market to value these investments; the valuation process may include assumptions. Return On Innovation Advisors Ltd. operates under the registered business name, ROI Capital. The loan to value and term for all mortgage investments are based on the time of funding. This information should not be considered a recommendation to buy or sell a security nor is it intended as investment, financial or other advice. Investors should consult with an investment professional prior to making any investment decisions. Return On Innovation Advisors Ltd operates under the registered business name, ROI Capital. Prepared by ROI Capital. All Rights Reserved (2014) [March/2014]. *Name of the properties offering the security for this specific mortgage in the name of Richard Gianchetti
37 Front Street East, 4th Floor, Toronto, ON M5E1B3 Phone: 416 361-6162
www.roicapital.ca