With a need for affordable rental housing solutions in BC’s Lower Mainland and surrounding areas, the borrower plans to build housing that offers rents that are significantly below market rates at completion. In return, Canada ICI was able to provide a high leverage loan amount at a very low interest rate. The loan had an initial advance that allowed the Borrower to purchase the land and was funded shortly after the COVID pandemic. The Borrower group had previously completed a number of townhouse for sale projects and this was their first multi-family rental. As such Canada ICI was able to provide significant value and guidance throughout the process.
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