The purpose of this loan is to refinance existing debt on the Property and finance hard and soft costs in the construction of a ten-story condominium building with a gross floor area of approximately 171,071 sq. ft. and a net saleable area of 135,492 sq. ft. consisting of 150 condominium units. After refinancing the existing debt, the Loan will be advanced on a cost-to-complete basis in accordance with the budgets, cash flow presentation, plans, site plan specifications, and other information supplied or to be supplied by the Borrower. Along with being secured by a conservative LTV, Evertrust Upper Vista is the creation of a leading developer in Canada and the luxury condominium development represents a first-in-class project of its type in the Niagara region.
