10/07/2026
Morrison Financial recently closed a first-mortgage construction loan for a 30-unit purpose-built rental townhome development in St. Catharines, Ontario.
The project spans three blocks and pairs principal townhomes with walkout basement secondary suites, delivering a mix of one-, two- and three-bedroom rental units. Conditional site plan approval is in place, and the facility is additionally secured by a collateral mortgage over an existing townhome property.
The borrowers previously built, and still own, a townhouse rental project in the same city. Proceeds refinance the existing land debt and fund construction, with an exit through CMHC-insured financing once the project is complete and stabilized.
This is the kind of file we like to finance: new rental supply in an established market, a sponsor with local build experience, layered security, and a defined takeout.
For similar lending or investment opportunities, connect with our team.