$82,300,000 Prime Mid-Town Toronto
Lesser and Associates assisted in structuring financing for this two-tower condominium project containing 91 units as well as six townhouses and 25,000 square feet of retail space. The initial conventional loan of $13,500,000 was to replace the existing land acquisition financing and to remediate the soil for the subject site. Upon completion this loan was replaced by a $82,300,000 CMHC insured construction loan. CMHC insured financing allowed for significant interest savings over the thirty -month loan term. Advances were based on the banks 30/60/90/180/365 day banker’s acceptance rate.