Earlier this year, Morrison Financial closed on an opportunity to refinance the second mortgage of a building under development in Kitchener, Ontario by a reputable developer in Ontario. The development is for a seven-storey building, which is comprised of 72 residential units and two commercial units on the ground floor.
At the time of closing, the building was 88% complete and occupancy was partially underway. Since then, the building has been completed and leased up. The borrower also obtained CMHC financing and has paid out Morrison Financial’s loan.