This Langley development site was refinanced at 58% loan-to-value. The equity takeout allowed the developer to extract capital for a new development.

Citifund arranged a 60% loan-to-purchase price land financing for the acquisition of a future development site in Delta, BC, with a strip mall producing nominal holding income. The site is to be developed into a mixed-use high-rise tower and a low-rise rental building. Citifund was able to structure the financing at an attractive rate of Prime+1.40% or Banker’s Acceptance + 250 bps.

An 80% loan-to-cost CMHC insured construction financing under the Select program for the development of a 4-storey rental apartment building within the James Bay area of Victoria, BC. The 16-month construction term was set at P+0.25%. This new CMHC financing program permitted the borrower to convert the construction loan into standard CMHC term loan with a 50-year amortization upon construction completion.

Citifund arranged a 64% loan-to-value land refinancing for a condo development site in the Newton neighbourhood of Surrey, BC. The proposed development will consist of a multi-family project with two 6-storey buildings and one 4-storey building. The project will deliver a total of 222 residential strata units.

Citifund arranged an 82% loan-to-cost CMHC insured construction financing under the Select program for the development of a 6-storey rental apartment building in Courtenay, BC. The 18-month construction term was set at Prime – 0.05%.

Citifund arranged a 65% loan-to-closing-cost land financing for the acquisition of a leasehold development site in West Vancouver, BC. The 99-year prepaid ground lease is with the District of West Vancouver. Citifund was able to structure the financing for the leasehold site at an attractive rate of Prime +1.25% or Banker’s Acceptance + 250 bps.

Citifund is pleased to have arranged the $19,000,000 Hybrid Construction and Term Loan for Building 6 and 7 of Panorama Office Park in Surrey, BC. The unique structure allowed for a $7,000,000 Term Loan on the stabilized building and a $12,000,000 construction facility for the future building but on one single title. The borrower was able to lock rate on the income in place and float rate on the balance (versus having to wait until both assets were stabilized).

A 61% loan-to-value term financing was arranged for the acquisition of this power centre in Abbotsford, BC. The 5-year fixed rate was 5.23% with a 30-year amortization.

An 80% loan-to-cost construction financing was arranged for the development of a low-rise condo project in Port Moody, BC. The blended interest rate for the capital stack was Prime +1.02%.

A construction loan of $38,668,000 (80% of Loan-to-Cost) was arranged on a ‘spec’ basis for this multiphase townhouse project.

Citifund is pleased to have arranged the CMHC insured construction financing plus a conventional second mortgage for the development of a 134-unit rental tower in the Burquitlam area of BC. This development was approved in partnership with the City of Coquitlam to develop this rental tower adjacent to the high-rise condo tower.

An 80% loan to cost construction financing was arranged by Citifund for the development of a two building mixed-use (retail, office and condo) project in the Willoughby neighbourhood of Langley, BC. 46% of the buildable area is retail and office space which the borrower is retaining. The blended interest rate for this capital stack was Prime +0.42%.