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).