Arranged a $55,000,000 CMHC insured loan for 456-bed purpose-built student housing in London, Ontario, with a 10-year term at 4% interest. Also secured a $2,200,000 bridge loan to facilitate a rate buydown.
Foundry Mortgage Capital recently arranged a $55,000,000 CMHC insured loan for a 10-year term at 4% interest. The four purpose-built student housing buildings consist of 456 beds with 100% occupancy. The buildings are located adjacent to the Sherwood Forest Mall in London, Ontario, close to Western University.
Given the volatility in the bond market from the time the application was submitted to closing the loan, Foundry also arranged a $2,200,000 bridge loan. The bridge loan was funded within 3 days and allowed our client to complete a rate buydown for the CMHC loan.
Foundry Mortgage Capital has arranged financing for various components of this project over the last four years. Our strong relationship with both the client and lenders allowed Foundry to successfully navigate the complexities of the funding and propose solutions as challenges arose. Foundry used its diverse skill set and network to fund this project. Dinesh Achria , Brennan Wood and Murray Wood led this transaction.
To learn more about this project and our experience in financing purpose-built housing, please feel free to contact any of our team members.
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