FROM NIMBY TO YIMBY: FROM BACKYARD LOTS TO TOWNHOUSE SPOTS
MULTI RESIDENTIAL CONSTRUCTION
While the “not in my backyard” movement is alive and well, this project turned into a “yes in my backyard” opportunity. The developers assembled land from adjoining backyards and received approval to sever the land into four residential building lots. The vision was to construct four 2,000 square foot, laneway accessed townhomes. Foremost provided funds to refinance the existing first mortgage, pay development charges, and fund the project’s hard and soft construction costs. Once we assessed the project we quickly put together the financing of the $2,510,000 mortgage. This, along with deep knowledge of the market, allowed the developer to get out of a limiting financial situation and get down to backyard business.