Real Estate Lending Group Closes Over $190 Million in Major Development Financings
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Overview
After a slow start to 2023, our Real Estate Lending Group was quite busy over the last few months of the year on several large land and residential construction loan transactions. All of the transactions listed below were handled by Partners Leor Margulies and Ladislav Kovac, and Senior Real Estate Associate Anthony Aiello, together with Senior Law Clerk, Cindy Applegath and Intermediate Law Clerk, Natalie Mulhall
- A Bank of Montreal $120M facility to take out an existing lender, structured to finance land servicing, development, and the construction of approximately 750 units and 100,000 sq. ft. of retail space in Lindsay, Ontario;
- A Laurentian Bank $30,350,000 condominium construction loan facility for a 13-storey building containing 122 units and 11,073 sq. ft. of retail space in Hamilton, Ontario; and
- A Canadian Mortgage Servicing Corporation mezzanine loan facility in the amount of $41,700,000 to assist in funding requirements for servicing the construction of 255 residential lots in a low-rise project located in Richmond Hill, Ontario.
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