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Collateralized land acquisition to support a proposed 254-unit residential development in Cambridge, ON

Collateralized land acquisition to support a proposed 254-unit residential development in Cambridge, ON

Morrison Financial provided financing to support a borrower’s acquisition of a 4.2-acre land in Cambridge, ON. Upon acquisition, the borrower will take the property through a redevelopment plan, which is currently in progress. The proposed development is for four three-storey stacked condo townhouse buildings (48 units total) and one 12-storey rental apartment building containing 206 units. The proposed development will include a total of 279 total parking spaces. To support the financing, Morrison Financial took collateral charge on several properties owned by the borrower. Upon obtaining approvals, the borrower plans to repay the loan through proceeds from construction financing and sale of property(s).

Location

Cambridge, ON

Loan amount:
$6,400,000
Loan Term:
23 months
Mortgage position:
First
Purpose:
Land Acquisition
Type:
Land for Redevelopment
Location:
Cambridge, ON
Status:
Funded

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Chawin Vajanopath, MBA

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Matthew Solda, MBA

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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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We offer the opportunity to investors to participate in pools of mortgages, which produce monthly distributions with the target of the investments being capital preservations.

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