Walton Westphalia Development Corporation engages in the acquisition and development of real estate properties. It develops the Westphalia property, which covers an area of approximately 310 acres located in Prince George’s County of Maryland, the United States. The company was founded in 2012 and is based in Calgary, Canada. Walton Westphalia Development Corporation is a subsidiary of Walton Asset Management.
215 – 2nd Street SW
Calgary, AB T2P 1M4
Founded in 2012
Walton Westphalia Development Corporation Announces Executive Changes
Oct 2 17
Walton Westphalia Development Corporation announced that Mr. Greg Pollard has been appointed to serve as a director of the Corporation. Mr. Pollard has over 30 years of experience in the energy field and served as the Chief Financial Officer of Connacher Oil and Gas Limited. Mr. Pollard currently serves as a director of the Balancing Pool. The Corporation also announces that concurrent with Mr. Pollard appointment, Ms. Michelle Cameron has resigned as a director of the Corporation. Ms. Cameron will continue in her position as Chief Financial Officer and Corporate Secretary.
Walton Westphalia Development Corporation Reports Unaudited Earnings Results for the Second Quarter and Six Months Ended June 30, 2017
Aug 25 17
Walton Westphalia Development Corporation reported unaudited earnings results for the second quarter and six months ended June 30, 2017. For the quarter, the company recognized revenue of CAD 3,654,536 compared to CAD 1,787,476 a year ago. The loss from total other items increased by CAD 588,270 from a loss of CAD 44,395 for the three months ended June 30, 2016 to a loss of CAD 632,665 for the three months ended June 30, 2017 as the result of additional foreign exchange losses in 2017. For the three months ended June 30, 2017 the Corporation recognized a cumulative translation loss of CAD 436,821 as compared to a cumulative translation gain of CAD 1,572 in the same period of 2016.
For the six months, the company recognized revenue of CAD 5,905,491 compared to CAD 1,787,476 a year ago. Total other items increased by CAD 661,082 from a loss of CAD 1,480,696 for the six months ended June 30, 2016 to an CAD 819,641 loss for the six months ended June 30, 2017. The increase is primarily due to decrease in unrealized foreign exchange loss of CAD 1,333,662 in 2016 to a foreign exchange loss of CAD 819,641 of 2017 as a result of the translation of the Canadian dollar loan to the U.S. Subsidiary from the Corporation. For the six months ended June 30, 2017, the cumulative translation loss decreased by CAD 529,440 to a loss of CAD 572,432 in 2017 as compared to CAD 1,101,872 in 2016. The cumulative translation losses resulted from translation of the U.S. entity’s accounts from a functional currency of U.S. dollars to Canadian dollars for reporting purposes.
Walton Westphalia Development Corporation Announces Refinancing Multi-Use Project in Prince George’s County, Maryland
Jul 1 17
Walton Westphalia Development Corporation (the “corporation”) announced that it has refinanced its multi-use project in Prince George’s County, Maryland. This refinancing allows the corporation to continue developing the project, delivering lots to homebuilders, preparing land for retail and commercial uses and leveraging the current momentum at Westphalia Town Center. The corporation negotiated this refinancing while it anticipates the advancement of funds from MCFI Global Fund Westphalia, LLC (“MCFI”) later this year. Through the raising of EB-5 capital, the funds advanced from MCFI will be used by the corporation to pay off, or potentially pay down, the senior loan. Under the terms of the refinancing, the senior lender has agreed to extend the maturity from June 30, 2017 to November 15, 2017. A 0.5% extension fee will be due to the senior lender at closing with no change in interest rate. The mezzanine lender has agreed to increase their loan by $7 million and to extend the maturity from July 6, 2017 to November 15, 2017. The rate on the mezzanine loan will increase from 15% to 17.5% and have a 3% fee at repayment. Approximately $5.8 million of the $7 million will repay the senior lender and the remainder will be used to fund costs. The project is currently delivering lots to three homebuilders under purchase and sale agreements that cover all of the 346 town homes in Phase I. The builders are all on, or ahead of, schedule with their purchase of lots. The refinancing allows the corporation to continue to deliver lots and build momentum at the project.