Munir on Duffins Creek, a mixed use commercial development in the centre of Pickering. Thirteen live/work units with townhomes above ground level retail sit across a courtyard and parking lot from 30 commercial units. Fully zoned and with existing pre-sales, the units at the Munir are priced to attract small and mid-sized businesses as well as investors looking to benefit from strong cash flows.
Terms at a Glance
24 month term, 8% interest earned annually, interest paid quarterly, 6% potential performance fee upon completion, 84% Loan to Value ratio (when fully funded with interest reserve).
Use of Proceeds
Development planning, equity participation, initial marketing costs, interest reserve, preliminary construction.
Available Supporting Documentation
Valuation letter, pro-forma, redacted list of current pre-sales.
February 2013: Final site plan submission will be made at the end of March.
April 2012: Planning meeting for site plan approval has been set for April 30th, 2012.
March 2012: Application for final approval has been submitted, approval is expected in the next 2 - 3 weeks. Site preparation is scheduled to commence next month.
February 2012: Construction expected to commence, summer 2012.
January 2012: Expecting site plan approval within the next 6-8 weeks.