Deal of the Week #35 – $12M Construction Loan – Chestermere, AB
Cameron Stephens Mortgage Capital (CSMC) is pleased to announce a $12.2 million construction loan commitment for a 28,206 sq. ft. neighborhood commercial center, featuring second-floor daycare and office space. The financing, secured with strong pre-leasing, will support construction starting in spring 2025 and pave the way for long-term, fixed-rate amortizing financing in one of the Canada’s strongest real estate markets.
THE CHALLENGE: Providing conventional financing with adequate leverage in an expanding, but secondary new neighbourhood of greater Calgary.
THE SOLUTION: Flexible Financing & Project Leverage
CSMC utilized its expertise in origination, underwriting, and syndication to structure a tailored financing solution. Led by Marco Sijakovic, Vice President, Syndication, and leveraging Senior Vice President, Mortgage Origination Daniel Stewart’s deep local knowledge and relationships in Calgary, CSMC secured first mortgage construction financing that met the Borrower’s requirements. This solution provided the advantage of competitive pricing while offering higher leverage than traditional bank financing.
Why It Matters:
✅ Understanding of Institutional Loan Investor Underwriting Requirements: CSMC’s deep understanding of senior loan investors’ underwriting criteria—both for interim construction and long-term takeout financing—enabled to structure construction financing with higher leverage than conventional bank lenders could offer. This approach also provided strong assurances of loan repayment upon stabilization of occupancy.
✅ Strong Syndication Expertise in Western Canada: CSMC’s access to capital and relationships with institutional and private partners in Western Canada enabled to customize loan structures within the capital stack to help the client navigate through complex market conditions and benefit from higher than conventional financing leverage.
✅ Priority Treatment to Get the Deal Committed: CSMC assembled a resolute team—including an experienced Originator, Underwriter, and Syndicator—to prioritize the deal, secure approval, and finalize an accepted commitment before year-end. This proactive approach ensured that the Borrower could meet all conditions precedent, enabling the timely commencement of site servicing and construction.
Meet the Team Behind the Deal:
- Daniel Stewart, RI Senior Vice President, Mortgage Origination Western Canada*
- Marko Sijakovic, CFA, Vice President, Syndication**
- Felipe R. Chueiri, Analyst, Underwriting and Portfolio Management
*Licensed as Associate and Submortgage Broker in Alberta and BC, respectively
** Licensed as Mortgage Agent Level 1 in Ontario
Cameron Stephens Mortgage Capital Ltd. Ontario Mortgage Brokerage License #10769 and Administrator License #11807
