$16,000,000 Downtown Toronto Entertainment District
Lesser and Associates structured a $15,000,000 acquisition loan for this property. It represented an 83% loan to purchase price for this mixed used retail-office property in Toronto’s second highest rental retail node. The loan was structured for a three- year term at an attractive banker’s acceptance rate plus pricing. At the time of purchase the property was approximately 40% vacant in terms of revenue. The loan also included a $1,000,000 second tranche to finance tenant improvements for the leasing of the vacant space.