Deals of the Week #25 – $34M Three Land Loans
Deals Of The Week #25 – Cameron Stephens Mortgage Capital (CSMC) is dedicated to supporting our developer partners across Greater Vancouver by offering competitively priced land financing in a market environment where pre-development financing solutions are increasingly scarce.
$12,025,000 – East Broadway Rental Tower Site
CSMC funded a land loan for a 0.47-acre purpose-built rental tower development site in the Broadway Corridor Plan of Vancouver. CSMC was presented with the opportunity to provide high-leverage land financing on a 175-unit, 20-storey rental development site and we worked closely with the Borrower to provide a financing solution tailored to meet the needs of the Project. The Borrower is a rapidly growing development concern and CSMC was able to provide competitive land financing pricing and assume entitlement risk that will allow the Project to move forward.
$13,300,000 – Burquitlam Mid-Rise Site
CSMC provided a competitive refinancing solution on a 1.525-acre mid-rise development site which had previously achieved 3rd reading for a rezoning totaling 181 market condo units. The Borrower’s value-add, market appreciation since acquisition, and valuation upside generated from the Provincial Transit Oriented Development bill combined to justify a cost-effective loan solution which involved a working capital withdrawal.
$9,500,000 – East Abbotsford Townhome Site
CSMC financed a serviced 9.46-acre townhouse site undergoing entitlement to develop 181 townhome units under a newly approved neighbourhood plan framework. The site was acquired by an experienced developer who has successfully executed long-term land banking strategies including the subject property which was originally acquired in 2006. CSMC was able to leverage the extensive third-party network of consultants and market experts to de-risk a significant working capital withdrawal on this financing.
WHY THIS DEAL MATTERS:
✅ Financing Projects from Inception: We back our developer partners – and never is that demonstrated more clearly than through supporting land acquisitions and refinancings as developers navigate a complex market.
✅ Recognizing Value Add: CSMC works diligently on behalf of our borrowers and investors to validate market values and provide loan structures that meet the needs of projects.
✅ Competitive Financing Solutions: CSMC’s uniquely positioned asset management platform can offer best-in-class land financing pricing amongst non-bank lenders, and we have a continuous appetite for quality land financing requirements backed by proven developers.
- Jonah Muzyka, Director Mortgage Origination, Western Canada*
- Daniel Leitch, CFA, VP and Head of Syndication
- Brad Wise, SVP and Managing Director, Western Canada*
- Leigh Licursi, MBA, Sr. Analyst, Underwriting and Portfolio Management.
*Licensed Sub Mortgage Brokers under “Cameron Stephens Mortgage Capital Ltd.”
