Date Closed

January 8, 2013

Lead Office

Vancouver

Value

60.40 Million CAD

On January 8, 2013, Timbercreek Senior Mortgage Investment Corporation (the "Company") announced that it had completed its public offering (the "Offering") of 5.9 million Class A shares (the "Class A Shares") and 220,559 Class B shares (the "Class B Shares", and together with the Class A Shares, the "Shares") of the Company, at a price of C$9.85 per Class A Share and C$10.00 per Class B Share, for total gross proceeds of $60.4 million.  The Class B Shares are designated for fee-based accounts with a registered dealer or institutional investors and will not be listed on a stock exchange, but are convertible into Class A shares of the Company.  The outstanding Class A shares of the Company are listed and posted for trading on the Toronto Stock Exchange under the symbol "MTG".

The Shares were offered to the public by a syndicate of agents led by CIBC, Raymond James Ltd., RBC Capital Markets and TD Securities Inc. and including GMP Securities L.P., National Bank Financial Inc., BMO Capital Markets, Scotiabank, Macquarie Capital Markets Canada Ltd., Manulife Securities Incorporated and Canaccord Genuity Corp.

The Company will use a substantial amount of the net proceeds of the Offering to pay down amounts owed under its credit facility.  The Company intends to use substantially all of the remaining balance of the net proceeds to fund investments in, and other costs associated with, first mortgages with customized terms from time to time in a manner consistent with the investment objectives and the investment strategies of the Company, with any remaining balance of the net proceeds being used by the Company for general working capital expenditures.

Timbercreek Senior Mortgage Investment, headquartered in Toronto, is an investment fund focused on real estate and other alternative asset classes.

McCarthy Tétrault LLP represented Timbercreek, the issuer, with a team led by David Frost.