Construction Loan, Vancouver, BC $16,000,000 Funded: August 2021
A ‘spec’ construction loan for this 24,000sf office project in the heart of Mount Pleasant.
Archives: Projects
Post Type Description
CMHC Acquisition Financing, Sidney, BC $17,129,000 Funded: Apr 1, 2021
A maximum leverage CMHC MLI Flex term loan for the acquisition of this mixed-use commercial and 56-unit residential rental apartment building in downtown Sidney, BC. The 10-year term was set at 2.50%.
Term Loan, Surrey, BC $15,000,000 Funded: June, 2021
Citifund is pleased to have arranged the $15,000,000 ten-year fixed rate term loan (at 2.90%) on the new Structube warehouse. The borrower was nearing completion on their new warehouse and did not want to wait for tenant occupancy to fix rate. As the bond market gyrated, Citifund worked with their lender to secure a 3.5 month forward rate fix with no hedging costs.
Construction Loan, Colwood, BC $18,850,000 Funded: May, 2021
An 85% loan to cost construction financing for Seaspan’s new office and warehouse facility in Colwood, BC. The developer is a joint venture between two market leaders, Omicron Development Inc. and Lotus Capital Corporation. The quality sponsors and quality tenant allowed for strong leverage and variable rate pricing under 3.0%.
CMHC MLI Flex Financing, Vancouver, BC $23,563,000 Funded: Apr 20, 2021
An 84% LTC CMHC MLI Flex construction loan for this mixed use rental development in East Vancouver. The subject development was approved by the city under Rental100 allowing the borrower to qualify for CMHC’s MLI Flex construction program. The building includes 6,700sf of ground floor retail with 46-unit rental apartments. The subject development was approved under Rental 100 program by the City of Vancouver. The construction rate was fixed at 2.91% for an 27 month build out and the 10 year term loan for completion was forward fixed at 2.46%.
Construction Loan, Surrey, BC $29,000,000 Funded: June 2021
Citifund is pleased to have arranged the $29,000,000 construction loan for “Hendrix” on 108th Avenue in Surrey. The loan represents 85% loan to cost with land at appraised value. The loan includes a modest pre-sale test and the pricing with deposit insurance is approximately 3.50%.
Construction Financing, Victoria, BC
Citifund arranged a $33,735,000 conventional construction loan for a soon to be built 102-unit purpose built rental project in Victoria, BC. The loan was priced at the equivalent of prime + 0.35%, equated to 84% of cost, and allowed the borrower to defer their GST Self Assessment, which reduced the total equity required before the first advance by 30%.
A CMHC insured second mortgage for this well-maintained and professionally managed rental apartment building in James Bay area, Victoria. The subject mortgage was set at 1.44% for a 5-year term allowing the borrower to extract equity for their next rental apartment purchase.
CitiFund arranged a 10 year-term CMHC insured financing for this 13-unit rental apartment building located in Marpole neighborhood of Vancouver. The loan allowed the borrower to pull out equity and complete renovations. The 10-year interest rate was set at 1.83%.
A 75% loan to cost acquisition and construction financing for this duplex development project in Vancouver, BC. The 18-month term was priced at Prime+1.50%.
CitiFund arranged a 10-year term CMHC insured financing for this 18-unit Single Room Occupancy facility in the Downtown Eastside. The loan allowed the borrower to payout existing expensive debt and takeout equity to purchase another investment property. The 10-year interest rate was set at 1.93%.
Citifund arranged a 10 year-term CMHC insured financing for this 19-unit rental apartment building located in Marpole neighbourhood of Vancouver. The loan allowed the borrower to take out equity and carry out further renovations. The 10-year interest rate was set at 1.83%.