Our client purchased two single family dwellings which combined created a 110 ft x 155 ft (.393 acres) development lot located near the University of Waterloo and the Wilfrid Laurier University Campus.
Subsequently, the client obtained the necessary approvals to build a six storey, 39 unit condo building totalling 35,500 sq. ft. of GFA, along with 10 surface parking spaces.
Our client was able to successfully market the subject property and had secured approx. 75% pre-sold units at market pricing. The client continued to see high demand for the subject units but decided to retain the remaining inventory until the project is built. Bonded deposits from the pre-sales were available to use for the projects hard costs.
Foremost’s loan proceeds were structured to pay Development Charges & City Fees, cover the projects remaining hard and soft costs and provide an interest reserve for the term of the loan.