ATRIUM® has been providing creative financing solutions since 2001 and is one of the largest mortgage investment corporations in Canada.
© 2023 Atrium Mortgage Investment Corporation.
Atrium initially provided acquisition financing to fund the purchase of a re-development site located in Toronto’s trendy King West neighbourhood. The site was ultimately approved for a 14-storey purpose-built rental apartment project, which includes the retention of a three-storey heritage building and affordable housing component. Upon approval, the borrower sold a 50% interest in the project and requested that the loan be increased to reflect the economics of the purchase.
The borrower planned to implement a capital improvement program prior to converting the property to industrial condominiums, with improvement costs funded through additional advances under the loan. Partial discharges were provided for each sold unit and sales proceeds used to repay the loan.
Atrium provided 1st mortgage financing to assist with the renovation and lease up of a heritage mixed use building located in downtown Vancouver. The loan provided funds for renovations with no preleasing requirements. Additional advances were available for tenant improvements once leasing was in place. Higher leverage financing was achieved in part due to the transferable heritage density and a façade credit that was granted to the project.
Acquisition financing for a six-storey brick and beam office building comprised of 63,000 square feet. The building needed major renovations, and Atrium provided working capital in order to re-position the property prior to lease-up at market rents. The client vacated the building, renovated each floor and overhauled the mechanical systems. The purpose of this loan was to provide acquisition financing, working capital to re-position the property and additional funds.
Mitchell Urzinger having joined Atrium in 2022, will be evaluating new mortgage finance opportunities and equity investments involving preparing financial analysis, underwriting models and investment presentations. Mitchell will also actively work on marketing and business leads with the Managing Director of B.C. Previously Mitchell articled at KPMG where he obtained his CPA designation and further grew his real estate background at Trez Capital. Mitchell is currently completing his Mortgage Brokers course at the University of British Columbia to become a licensed Submortgage Broker with the BCFSA.