The borrower assembled two parcels of land and severed them into eight lots upon which townhouses were constructed. Loan proceeds were used to refinance existing debt on the property and finance the construction of eight condominium townhouses with a total gross floor area of approximately 20,120 square feet. Each townhouse unit has four stories and is comprised of three or four bedrooms, and a private rooftop terrace.
Morrison Financial was very interested in this project primarily by the low loan-to-value at around 42% and multi-family construction in Toronto always being a highly sought-after asset.
