$18,000,000 GTA

Lesser & Associates structured a $15,000,000 first and a $3,000,000 second, 5-year term mortgages for the acquisition of this 62,000 square foot Shoppers Drug Mart anchored retail plaza. Due to the low capitalization rate, the property only supported the above noted first mortgage on a conventional basis. The pension fund lender also provided a second mortgage due to the large amount of equity being injected by the borrowers and the upside potential in the property. This was also a complex transaction as the plaza was being significantly renovated with outstanding items being secured by a letter of credit prior to the closing.

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