GECC Advances with Key Projects and Partnerships

Global Education Communities Corp. (GECC) has announced notable progress across its ventures. In Vancouver, construction has officially begun on the GEC Oakridge development. This project, strategically located near Oakridge Shopping Centre, has secured $124 million in construction financing that will transition into a 40-year mortgage, enhancing its long-term viability. The project aims to accommodate 450 occupants, potentially generating over $8 million in annual rental revenue.

The company has also benefited from a significant interest rate reduction, with GEC Pearson obtaining a $42.5 million mortgage program, halving its interest cost. This financial move is expected to reduce expenses across GECC's portfolio, which has secured $253.32 million in financing.

GECC's collaboration with the Pure Group for the GEC Education Mega Center is a strategic step forward. The $330 million project will see Pure Group bringing institutional investment into the venture, with ITC Construction leading the build. GECC will manage the property post-completion, focusing on its core strengths in student housing.