Cityzen Developments and Tercot Group Limited are planning a new low-rise housing community in Nobleton, Ontario. The 27 acre property at 92 Diana Drive is north of King Vaughan Road and west of Highway 27.
The current plan calls for 100 single-detached homes with an average size of 3,400 square feet (sf) on lots with frontages ranging from 36’ to 56’. This is the second low-rise development project coming to Nobleton by the two developers in partnership with Fortress Real Developments.
Terms at a Glance
60 month term, 8% interest earned annually, interest to be paid quarterly, 12% potential deferred lender fee upon completion of the project.
Use of Proceeds
The purposes of the monies raised via this syndicated mortgage is to assist in addressing various funding requirements related to all elements of the project’s progress, especially prior to the commencement of construction. These requirements include, however are not limited to: Land acquisition, Initial soft costs for planning & initial marketing expenses, and the sales center.
Available Supporting Documentation
Valuation report, area analysis, preliminary designs, zoning reports.