An 82% loan to cost CMHC insured construction loan under the MLI Select program was recently arranged by Citifund for the development of a 4-storey rental apartment building in Vernon, BC. The project is an infill development on a site with an existing 62 unit rental apartment with a CMHC insured mortgage in place. The subject financing is a pari passu 1st mortgage with a 15-month construction term at a rate of Prime + 0.50%.