The Orchard is another exciting addition to the portfolio of towers launched nationally by Lamb Development Corp. (LDC) and Fortress Real Developments (FRDI). The project is planned in two phases, with the first phase consisting of an 18-storey tower with 185 units. The second phase is a soaring 42-storey tower with 300 units. Both phases include a ground floor retail component. The project sits across from the Calgary Stampede grounds and will feature an apple orchard on the street level as a public space between two sleek towers. This is the 2nd collaboration in Calgary between LDC and FRDI; 6th and Tenth is expected to break ground this spring.
Terms at a Glance
48 month term, 8% interest earned annually, interest to be paid quarterly, 16% 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: Initial soft costs for planning & marketing expenses.
Available Supporting Documentation
Proforma, Appraisal, APS Documents, Title searches, Draft Charge, Calgary Market Assessment
When Ipsos Reid asked 2000 people – “which city do you think will feature an apple orchard in the centre of a new downtown condo development“, Calgary didn’t make the top 5. See where people thought it would be and find out why the citizens of Calgary are thrilled to welcome a development with smart and creative urban planning and green space in the downtown core. Read Article