Citifund arranged interest only two-year term financing for the newly built retail centre in Langley, BC. The subject property is fully leased with a strong tenant mix. The client elected to take the two-year rate option and interest only structure to be able to refinance in 2025 when bond pricing is forecast to be lower and the lease income stabilized.

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%.

Citifund successfully secured a 62% loan to appraised value land refinancing for a development site going through rezoning in Victoria, BC. The unique structure includes three facilities to meet the borrower’s needs. Facility One has a 6.50% fixed rate to refinance the land and soft costs in place. Facility Two is a variable rate draw facility priced at Prime + 1.25% to fund future development costs associated with rezoning and development approval. Facility Three is available to fund municipal Letter of Credit requirements when due. The site will be improved with a mixed-use condo and a townhome complex.

Citifund arranged a 60% loan to appraised land value refinancing to takeout existing debt and fund the project’s predevelopment costs to date. The future condo site loan was structured at an attractive fixed rate of 7.20% for an 18-month term.

An 88% loan to cost CMHC insured construction loan under the MLI Select program was arranged by Citifund for the development of a 6-storey mixed-use rental apartment building in Hamilton, ON. The subject development qualified for the Select program based on energy efficiency and accessibility requirement. The 18-month construction term rate was set at P + 0.15%.

Citifund arranged a 73% loan to cost CMHC insured construction loan under the MLI Select program for the development of a 6-storey rental apartment building in Chilliwack, BC. The 18-month construction term was set at P + 0%. The construction financing structure minimized equity by utilizing the full land appraisal surplus.

Citifund arranged an 84% loan to cost CMHC insured construction loan through the MLI Select program for the development of a 6-storey rental apartment building in Burnaby, BC. The subject development will include 24% affordable units per the City of Burnaby’s requirement. The 18-month construction loan rate was set at P less 0.3%.

Citifund helped secure a blended 71% loan to value take out term loan for the recently constructed mixed use rental apartment building plus the fully restored heritage theatre in Vancouver. This financing was structured with a CMHC insured first mortgage and a conventional second mortgage at a blended rate of 4.48%.

Citifund arranged a 90% LTC construction financing on this West Side townhouse project with a low presale hurdle at very competitive rates.

Citifund arranged an 80% loan to cost CMHC insured construction financing under the MLI Select program for the development of a 6-storey rental apartment building in the heart of downtown Victoria. The loan was structured with a 24-month interest only construction term at a fixed 4.15% rate, and a 60-month amortizing term at 3.95% rate (seven years fixed including construction). The loan was funded in a single advance into an interest-bearing escrow account to allow for the fixed rate pricing. At the time of funding, the escrow funds were held in a term deposit account at 3.0% per annum. This structure allowed the borrower to limit the effective construction interest rate to 1.15% (4.15% less 3.0%).

Citifund recently arranged a 95% loan to cost CMHC insured construction loan under the MLI Select program for the development of a 6-storey rental apartment building in Kelowna, BC. The 24-month construction term was set at P less 0.25% with the option to fix the term rate throughout construction. The loan was structured utilizing the land’s appraised value to limit the borrower’s cash equity.

Citifund arranged the CMHC-insured term financing for this recently built 14-unit apartment in Kelowna, BC. The equity takeout refinancing allowed the developer to repatriate capital for a new development.