The site was purchased as two pieces and was originally zoned as \"highway commercial.\" The borrower had it rezoned for high-density residential use and received approval to build six freehold semi-detached homes and eight freehold town homes with a common element driveway. The homes were targeted for first-time home buyers as an alternative to high-rise condominiums with good access to public transit.
Multi-unit residential construction financing
Foremost provided the borrower a facility of $3,000,000 (65% LTV), which included a 6-month interest reserve to service the loan. The facility arranged by Foremost allowed the borrower to pay out an existing first mortgage and complete construction of the 14 units.