Deal of the Week #36 – $44.5M Construction Loan Facility – Toronto, ON
Cameron Stephens Mortgage Capital (CSMC) is thrilled to announce a significant new financing commitment for a $44.5 million construction loan facility to support the completion of an 18-unit, luxury mid-rise condominium development located in Toronto’s prestigious Annex neighborhood.
THE CHALLENGE: Offering Flexible Financing Solutions in an Uncertain Condo Market
CSMC originally provided a $6.6M land loan facility to the Borrower in early 2024, which was used to refinance the existing land loan held on the property and fund working capital required for construction. In late 2024, CSMC worked with the Borrower to increase the authorization of the existing facility by $3.0M to give the Borrower more flexibility in meeting working capital requirements. In a challenging sales environment and with construction progressing, the Borrower approached CSMC to arrange a $44.5M cost to complete construction loan and $1.0M letter of credit facility.
THE CAMERON STEPHENS ADVANTAGE: Bespoke Financing Solutions Tailored to the Client’s Needs
CSMC was able to swiftly arrange a tailored financing solution that allowed the Borrower to continue construction, despite having lower presale requirements than a conventional loan would support. This transaction is a testament to CSMC’s unwavering commitment to provide support to a client throughout the entire development lifecycle of a project – from land acquisition through to construction and unit closings. The transaction was expertly led by Riccky Dasgupta, FRM, CFA, VP and Head of Origination, and Marko Sijakovic, CFA, VP of Syndication.
Meet the Team Behind the Deal:
- Riccky Dasgupta, FRM, CFA, VP and Head of Origination, Broker
- Marko Sijakovic, CFA, VP Syndication, Mortgage Agent Level 1
Cameron Stephens Mortgage Capital Ltd. Ontario Mortgage Brokerage License #10769 and Administrator License #11807
