See below for some recent examples of our work in commercial financing in this area.
In addition to more typical projects, Citifund has also brokered commercial financing for land acquisition, inventories, commercial strata, leasehold ownerships, hotels and recreational properties.
$4,505,000 An 82% Loan to Value CMHC insured financing secured by this restored heritage mixed-use retail and residential rental apartment building in the Old Town district of Downtown Victoria. The 10-year loan term was locked at 1.66% which allowed the borrower to payoff the existing debt and repatriate equity invested during the reconfiguration of the commercial space.
$10,615,000 The project loan represents 85% loan to cost with land at appraised value. The loan structure used a combination of Senior and Mezzanine debt which allowed the Borrower to start the project without any presales. The first and second mortgage equated to a blended annual rate of 4.41%, which is very reasonable given the zero pre-sale requirement.
A 50% loan to value land financing secured by 6 assembled land parcels in Surrey, BC. The development will consist of two 5-storey market condo buildings. This financing allowed the borrower to pay off a first and second mortgage while lowering the carrying costs as the project progresses through the rezoning and development permit applications for the site.
Land and Construction Financing, Surrey, BC $14,461,000 Funded: Mar 31, 2021
Citifund arranged an 85% LTC land and construction financing for this 39-unit stacked townhouse project in the East Clayton neighborhood of Surrey. The prime based pricing was set at P+1.00%. With the Deposit Insurance facility included, the overall cost is approximately 3.3%.
$32,500,000 Term financing recently funded on the Rosewood Hotel Georgia in Vancouver. The legendary boutique hotel, unveiled July 2011 as Rosewood Hotel Georgia, now features 156 guest accommodations, Sense, A Rosewood Spa® and signature fine dining restaurant by renowned Chef David Hawksworth. 2012 Honors: Condé Nast Traveler's Hot List; AAA Four-Diamond Award; TripAdvisor Certificate of Excellence