Project Overview
Foremost Financial successfully provided a $15,000,000 first mortgage construction loan to finance the completion of a 39,000 sq. ft. convention centre in Ajax, Ontario. The project formed Phase One of a larger three-phase mixed-use development across 7.54 acres.
Project at a Glance
- Loan Amount: $15,000,000
- Loan Type: First Mortgage Construction Financing
- Asset Type: Convention Centre
- Building Size: 39,000 sq. ft.
- Location: Ajax, Ontario
- Development Size: 7.54 acres (3 phases)
- Status: Completed & Loan Discharged
Development Phases
- Phase One: 39,000 sq. ft. convention centre on 3.42 acres
- Phase Two: Six-storey hotel on 2.41 acres
- Phase Three: 25-storey mixed-use commercial and residential building totaling 244,761 sq. ft. on 1.71 acres
Construction Oversight & Execution
The ownership group consisted of experienced professionals in hospitality operations, land development, and commercial construction. Foremost actively monitored construction using both an independent third-party cost consultant and its in-house construction monitoring team. Construction progressed smoothly, demonstrating exceptional build quality and speed.
Project Outcome
The convention centre was successfully completed, and the construction loan has since been fully repaid and discharged with term financing.
Looking for Construction Financing?
For more information about this project or Foremost’s industry-leading construction financing programs, contact:
Matt Gonsalves
Vice President – Mortgage Lending
416-488-5300 x555
📧 matt@foremost-financial.com
