Archives: Projects

Post Type Description

Rental Apartment Development, Prince George, BC, $2,000,000 Mezzanine Financing. Funded September 2021. A 54% loan to land value for this multi-phased rental development site in Prince George, BC. The subject financing permitted the Borrower to start the site servicing and construction preparation immediately. The 12-month term rate was locked at Prime + 7.55%.

Future Condo Development Site, Coquitlam, BC, Land Financing. Funded September 2021. A 50% loan to cost land financing for the purchase of four adjacent development sites in Coquitlam, BC. The 24-month term rate was locked at Prime +1.10%. This Borrower’s priority was pricing, not leverage, making this low-cost option a big benefit to the Borrower.

CMHC Refinancing, Vancouver, BC                        $12,130,000                      Funded: Feb 26, 2021
A maximum leverage CMHC term loan for this well maintained 41 unit apartment building in the West End of Vancouver. The 10-year term rate was set at 1.79%.
CMHC Refinancing, Chilliwack, BC                            $12,963,000                                   Funded: Apr 7, 2021
CMHC insured 10 year term loan with equity take out for this recently built 58-unit rental apartment building in Chilliwack. The 10-year rate was set at 2.495% for a 10-year term.
Land and Construction Financing, Surrey, BC                                     $14,461,000                                           Funded: Mar 31, 2021
Citifund arranged an 85% LTC land and construction financing for this 39-unit stacked townhouse project in the East Clayton neighborhood of Surrey. The prime based pricing was set at P+1.00%. With the Deposit Insurance facility included, the overall cost is approximately 3.3%.
Term Financing, Surrey, Delta, Chilliwack, BC                       $14,700,000                       Funded: Apr 28, 2021
A four-property retail portfolio financing (Surrey, Delta, Chilliwack) which allowed the borrowers to restructure their organization and free up land for future development. The term debt was arranged at 65% LTV and priced a 2.40% for three years.
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.
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%.