TERM LOAN – INDUSTRIAL

TORONTO

PROJECT SUMMARY:

The subject property consists of an industrial building containing approx. 100,000 GFA on a 2.9-acre lot. 
 
The clients had previously operated their business in the subject building. However, due to a  restructuring of the business – the company was looking to downsize its footprint to approx. 45,000 sq. ft. The borrowers were looking to lease out the remaining floor space – which would provide the clients strong additional cash flow.

Foremost provided funds to payout the existing 1st mortgage on the property along with providing additional funds for an interest reserve to bridge the time of leasing up the vacant floor space

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