$91,600,000 Mid-Town Toronto
Lesser and Associates structured the financing for this 458 unit condominium. The initial conventional loan of $12,500,000 was to replace existing land acquisition financing and to remediate the soil at the subject site. Upon completion, this loan was replaced by a $91,600,000 CMHC insured construction loan. CMHC insured financing allowed for a significant interest rate savings over the term of the loan. Advances were based on 30/60/90/180 B.A.’s. The loan also included a conventional revolving operating facility.