$41.7M CAD Refinance Facility Secured
Nov 11, 2023
Client Objective:
A condominium corporation in Barrie, Ontario sought to refinance existing debt on a 131-suite waterfront property to optimize loan terms, consolidate existing obligations, and unlock liquidity for future capital improvements. The objective was to lower the cost of capital, extend the amortization horizon, and enhance the property’s long-term financial stability.
Key Considerations:
• Loan Amount: $41,700,000 CAD refinance facility secured by a stabilized waterfront condominium asset.
• Objective: Replace maturing bank debt and reduce the blended interest rate.
• Sponsor required a non-recourse structure with flexible prepayment and reserve release features.
• Secure Capital sourced competitive terms through a private real estate fund focused on mid-market recapitalizations.
Financing Structure:
• Total Facility: $41,700,000 CAD
• Loan Type: Senior Debt Refinance
• Lender Type: Private Fund
• Term: 5 years, interest-only with renewal option
• Collateral: 131-suite waterfront condominium property, Barrie, Ontario
Results:
• Successfully refinanced within 45 days of mandate.
• Reduced overall debt service costs by 120 basis points.
• Released over $3MM in capital reserves for building improvements and maintenance.
• Improved DSCR and extended debt maturity profile, enhancing liquidity and long-term asset value.
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