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.

The Elaine Apartment, Vancouver, BC. $5,437,129 CMHC Purchase, funded January 2022. Citifund arranged a 5-year CMHC insured mortgage to assist the borrower’s purchase of this 22-unit rental apartment located on the Cambie Corridor in Vancouver’s prestigious west side. Citifund managed to lock in the interest rate 2 days after receiving CMHC approval avoiding further interest rate risk in a volatile bond environment.

208th Street & Fraser Highway, Langley, BC. $7,800,000 Land Financing, funded December 2021. A 65% loan to cost for the purchase of this future development site in downtown Langley, BC was arranged with the 18-month term set at Prime+1.25%. The subject financing allows the borrower to close the site purchase and move forward with the permitting process for the proposed development.

Nest Site, Surrey, BC. $8,540,000 Land Financing, funded December 2021. Citifund arranged a 70% LTV land financing for a condo development site in the Newton neighbourhood of Surrey, BC. The proposed development will consist of a multi-family project comprising of two 6-storey and one 4-storey buildings, housing a total of 222 strata residential units.

Elite Self Storage, Langford BC. $11,750,000 Acquisition Financing, funded December 2021. Citifund coordinated a term loan financing for the acquisition of this recently completed self storage facility in Langford, BC. While still in the stabilization phase, the term loan was fixed rate and includes an interest only period and a 30 year amortization. This structure allowed the borrower to set rate at a favourable time and optimize cashflow with the I/O amortization.

Condo Development Site, Langley BC. $12,028,000 Land and Soft Costs Financing, funded January 27, 2022. Citifund arranged a 60% loan-to-closing-cost land financing for the acquisition of a future development site in Langley Centre, BC, with an existing apartment building producing nominal holding income. Citifund was able to structure the financing at Prime+1.25% and interest-only payments for a 2 year term.

Hastings Plaza, Vancouver BC $15,000,000 Refinancing, funded December 20, 2021. A refinancing was organized for this mixed-use residential, retail and office building in the Hastings East area of Vancouver. The 24-month term was locked at Prime +1.50% which allowed the borrower to payout the current debt and stabilize the building.