Quote:
Originally Posted by Changing City
Getting a repayable construction loan from BC Housing doesn't mean it isn't economically viable.
|
But they got a low-interest loan from BC Housing versus their market-rate mortgages on the project
Quote:
|
Mr. Pappajohn noted during questioning that Jameson Development has another project in the Moderate Income Rental Housing Pilot Program (MIRHPP) incentive program, another contentious development at 1805 Larch Street in Kitsilano. A title search on that project reveals that the developer had a somewhat similar – and expensive – financing arrangement on that property as well: a first mortgage of $7.5 million where they developer is paying the greater of prime + 3%, or 6.7%, and a second mortgage of $7.5 million (note that the firm paid only $12 million for the property) at an interest rate starting at 10% and then going to 12%.
|
https://cityhallwatch.wordpress.com/2020/07/12/financing-birch-jameson-28-storey-mirhpp/
Or getting DLCs waived for the MIRHPP participation..
Threaded Mode