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.
