$4,600,000
Loan Amount
1st
Loan Position
Bridge
Loan Type
76%
Loan-to-Value
12 Months
Term
COL Capital Partners is pleased to announce the closing of a $4,600,000 bridge loan secured by a 46-unit apartment in North Bay, Ontario.
Originally developed as a warehouse, the building was repurposed to its current multi-residential use in approximately 1990. The building has a suite mix ranging from bachelor units, to 4-bedroom townhouse-style apartments. The property has received various building and common area upgrades in 2020 and 2021, most notably, updates to the building siding, roofing, and the front entrance/lobby area. Our client intends to add additional residential units prior to seeking CMHC term financing.
Through the hard work of our Team and Partners we were able to provide a purposeful and efficient capital solution and execute on a tight closing timeline.
Originally developed as a warehouse, the building was repurposed to its current multi-residential use in approximately 1990. The building has a suite mix ranging from bachelor units, to 4-bedroom townhouse-style apartments. The property has received various building and common area upgrades in 2020 and 2021, most notably, updates to the building siding, roofing, and the front entrance/lobby area. Our client intends to add additional residential units prior to seeking CMHC term financing.
Through the hard work of our Team and Partners we were able to provide a purposeful and efficient capital solution and execute on a tight closing timeline.