Citifund coordinated a 95% LTC and 70% LTV bridge take out loan for this newly constructed, 68-unit rental apartment/townhome project in the Kensington-Cedar Cottage neighbourhood of Vancouver. This financing was approved at Prime + 1.80% for a 30-month Interest Only term, allowing the borrower to repay the construction loan, stabilize the building and maximize the cash on cash return.

A $284,560,000 financing was arranged by Citifund for the construction of this highly sought-after landmark twin tower development by the Okanagan Lake in Kelowna, BC. The loan will support the construction of a six-floor podium and 496 condo units. Once complete, this project will be one of the tallest (42 storeys) buildings in the BC interior.

Citifund is pleased to have arranged the CMHC insured MLI Flex takeout financing for “Origin”, a 225-unit rental apartment building in the heart of Lonsdale in North Vancouver, BC. In a volatile interest rate environment, Citifund was able to provide the borrower with rate fixing and creative options that helped produce a 91% LTC take-out facility at a market leading rate. The financing allowed the borrower to payout the construction financing, repatriate equity and sustain strong cash flow for the foreseeable future.

Prada Apartment, Calgary, AB. $1,712,443 CMHC Refinancing, funded December 2021. Citifund arranged a CMHC refinancing loan for the equity take out on this fully renovated rental apartment building located in the Beltline area of the Calgary Downtown Core. The 10-year term rate was fixed at 2.71%.

Dubarry Apartment, Calgary, AB. $1,714,638 CMHC Refinancing, funded December 2021. Citifund organized a 75% loan to CMHC value for the refinancing and equity take out of this fully renovated rental apartment building located in the Beltline area of the Calgary Downtown Core. The 10-year term rate was fixed at 2.71%.

Industrial/Office Building Burnaby, BC. $1,818,000 Term Financing, funded November 2021. Citifund arranged a favourable loan off of a 1.15x debt service coverage ratio on an industrial/office building, housing two tenants, in Burnaby. The subject property had suffered tenant loss during COVID and had just placed new tenants. The funder was a Big 5 Bank and offered favourable fixed rates with the low DSCR in an increasing rate environment.

2621 Sooke RD Townhome Community, Victoria, BC. $6,400,000 Land Financing, funded March 28, 2022. A bridge loan of $6,400,000 (75% of Loan to Cost) was arranged for the land closing. Within weeks, a $5,120,000 first mortgage was arranged with a Prime + 2% interest to retire the majority of the bridge loan. $1,280,000 of the bridge loan amount remained in the second position. The financing dramatically enhances the developer’s liquidity for the development and pre-construction works. A 91-unit townhome community is proposed on the site.

Garden Drive Court. Vancouver, BC. $3,150,400 CMHC Acquisition Financing, funded January 18, 2022. A 10 year non-recourse CMHC insured loan for the acquisition of an 18-unit rental apartment in Vancouver East. The 10-year rate was locked at 2.44%.

130 Rosehill Street, Nanaimo, BC. $3,825,000 Acquisition and Renovation Financing, funded January 6, 2022. An 85% loan to purchase price for the acquisition of this 3-storey 22-unit rental building near downtown Nanaimo was arranged by Citifund. The loan is structured as an 18-month interest-only term allowing the borrower to improve income before locking into a long term amortizing deal.

Seafield Apartments, Vancouver, BC. $4,228,337 CMHC Refinancing, funded December 1, 2021. A non-recourse CMHC refinancing was set up for this 14-unit rental apartment in the West End neighbourhood of Vancouver. The 10-year term rate was fixed at 2.51%.

Proposed Mixed-use Rental Development Site, Port Moody, BC. $4,500,000 Land Financing, funded February 10, 2022. A 38% loan to appraised value land refinancing was arranged for this lot assembly in Port Moody. The interest rate was set at Prime + 1.50% for a 24-month term. This financing allowed the borrower to payout the existing debt and commence the rezoning and permitting application with the City.

CityViews Village, Maple Ridge, BC. $5,300,000 Term Financing, funded December 9, 2021. Citifund coordinated a 12 month bridge loan for the equity take out and refinancing of this 45-unit rental apartment building in Maple Ridge, BC. The interest only term was fixed at 3.75% rate. The financing allowed the borrower to repatriate equity to further progress the renovation of the building.