Foremost’s clients saw an opportunity to provide much-needed retail space to the growing community of Stoney Creek. They completed a land assembly for a four-acre parcel of land with commercial zoning. They took the property through the planning process and received site plan approval for 35,939 sq. ft. of retail space in eight buildings.
Due to the pandemic, many lenders are not willing to finance retail space. Foremost Financial took the time to understand the project and the strong team making the project happen. We put a $ 5,120,000 loan facility in place to provide working capital, finance the site servicing, post letters of credit, pay for development charges and service interest.
Once site servicing is complete Foremost will then work with the property owners and consider providing additional funds to complete construction on the 35,939 sq. ft. development.