Morrison Financial closed on a loan to refinance existing mortgage on a property in Oakville, ON, and fund pre-construction costs associated with a proposed residential condominium project. The property is situated in midtown Oakville with close access to the Queen Elizabeth Way. The land will be developed into a 12-storey mixed use building with 137,477 SF saleable area comprised of 154 residential units.
The borrower plans to launch pre-sales mid/late 2024. Once sufficient presales have been achieved, the loan will be repaid through construction financing.
