Not only does Morrison Financial like working on great projects, but we also like working with repeat borrowers. Prior to this deal, we had been honored to work with this developer on three other projects. This mortgage loan is to provide hard and soft construction financing on a cost-to-complete basis in support of a condo-titled, stacked-townhouse rental project. The subject site was an assembly of four residential lots, which has been improved with a 28 unit stacked townhouse building on its east side.
The loan financed the construction of a twenty-unit stacked condo-titled townhouse complex. The building has a gross floor area of approximately 20,220 sq. ft. and it was the borrower’s intention to lease all twenty units, then refinance the loan.