Literally flying below the radar of all of Toronto’s sky-high construction projects, Foremost Financial is financing yet another low-rise renewal project in the Avenue Road and Lawrence Avenue area, revitalizing an existing under-performing building, while gently adding density to the area.
Foremost is providing $3,350,000 in funding that is enabling the owner of a two-story mixed-use commercial/residential building on a 50 x 152 ft. lot, to completely renovate the structure while adding a third floor with an additional 2,100 sq. ft. of leasable space. Once complete there will be a 1,611 sq. ft. commercial space on the main level, two apartments on the second floor totaling 2,080 sq. ft. and a 2,100 sq. ft. apartment on the third floor.
“Projects like these may be smaller in scale, but they represent a tremendous opportunity to positively transform neighborhoods throughout the GTA,” observes Foremost executive vice-president Paul Rayment. “This site is going from a dated, under-performing structure to a modern, upscale building with commercial space and residential units that can generate an attractive income for the owner. It also helps to address the shortage of rental units in the area.”
Foremost is providing funds to discharge the first mortgage, provide working capital, development charges, city fees, hard construction costs, and interest reserve.
Foremost uses its own cost consultant for this type of project which enables the borrower to receive funds based on work in place at any stage of construction. This reduces the borrower’s costs and timing delays for additional advances. So apart from the savings, Foremost’s approach helps keep moving the project along.
To inquire about working with us to provide financing to make your next project a reality please contact a member of our Lending Team
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