Morrison Financial provided a term loan to a condominium corporation, originally in 2012, for the funding of various repairs and upgrades of the common elements. The condominium is an apartment styled building in Etobicoke, ON, and was built over 30 years ago. The building is comprised of 17 storeys and over 200 units. Since the loan origination, the Borrower has opted two renew for two additional terms.
The repairs and upgrades of the common elements consisted of, but were not limited to, the following works:
- Garage Reconstruction/Restoration
- Replacement of Mechanical Equipment & Boilers
- Replacement of Roofing/Anchors
- Balcony Restoration
- Building Cladding Restoration
- Mould Remediation
- Garage Roof Deck Restoration
