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Construction of 44 stacked townhomes in Kitchener, ON

Construction of 44 stacked townhomes in Kitchener, ON

Morrison Financial committed to finance the demolition of existing buildings on the subject property and construction of 44 two-bedroom stacked townhomes across two buildings for one of our legacy clients. Morrison Financial has financed six projects for this development group over the last decade. Our team successfully syndicated this opportunity with a Schedule 1 Chartered Bank, providing our client with access to a low cost of funds. The client has started work on-site and will build, lease, and hold this asset following completion. After stabilization of the buildings, the loan will be repaid by way of refinancing from institutional or CMHC-insured term debt.

Location

Kitchener, ON

Loan amount:
$14,518,000
Loan Term:
24 months
Mortgage position:
First
Purpose:
Cost-to-complete Construction
Type:
Multi-family Development
Location:
Kitchener, ON
Status:
Funded

YOUR CONTACTS

Speak With Our Team

Alenna Emer, CPA, CA

Chief Financial Officer

Chawin Vajanopath, MBA

Senior Director, Operations

Matthew Solda, MBA

Vice President

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Mortgage Lending

We tailor lending options for builders and developers across Ontario to assist with acquisition, site servicing and construction of primarily multi-unit residential real estate developments.

CondoCorp Lending

We work with boards of directors and condo property management to tailor financing focused on repairs, reserve fund shortfalls, and refinancing of guest suites or existing loans.

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