Loan Summary

Loan amount:

$6,750,0000

Mortgage position:

First

Type:

Multi-family Development

Purpose:

Cost-to-complete Construction

Loan Term:

18 months

Status:

Funded

Refinancing and construction of stacked townhome apartment buildings in Kitchener, ON

The borrower had originally sourced financing from a large Canadian asset manager, however, this financing was retracted in March of 2019. Provided that Morrison Financial was acquainted with the borrower’s business through a past relationship, we were able to move quickly to fund this loan. Proceeds from the loan were used to refinance existing debts of the property and fund hard and soft construction costs on a cost-to-complete basis, in support of two three-storey stacked townhouse apartment buildings comprising 28 units to be leased upon completion. Ultimately, this loan will form a part of this borrower’s growing portfolio of multi-residential investments.

Location

Kitchener, ON

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