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Land refinancing to support development of a 13-storey residential apartment building in Scarborough, ON

Land refinancing to support development of a 13-storey residential apartment building in Scarborough, ON

Morrison Financial refinanced existing mortgage on a redevelopment land located in Scarborough, Ontario. The land is situated in a highly desirable area close to the University of Toronto – Scarborough campus, Scarborough City Centre, major roads, parks, and community centres. The developer is currently taking the land through approval process to build a condominium-titled 13-storey, 140-unit residential apartment building. The lender expects that approvals will be received some time in 2024 and the loan will be refinanced via a construction loan.

Location

Scarborough, ON

Loan amount:
$3,040,000
Loan Term:
12 months
Mortgage position:
First
Purpose:
Refinance
Type:
Land for Redevelopment
Location:
Scarborough, ON
Status:
Funded

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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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