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.
Approved for a 41 unit townhouse development in South Surrey, the borrower purchased a building permit-ready site. Conventional lenders required project phasing based on presale achievement. However, Atrium recognized the strengthening Fraser Valley townhome market and committed to 1st mortgage financing for the entire project without presales or phasing. This generated significant cost efficiencies and allowed the borrower to achieve much higher revenue by delivering completed product and benefiting from the rising market.
In one of Toronto’s more ambitious projects, our client was developing a two-tower project comprised of 66 and 49 storeys totalling 1,285 residential condominiums and over 50,000 square feet of commercial space. Atrium was able to lead a syndicate of investors to provide a mezzanine facility with an interest accrual over the term of the loan. The project has completed construction and the mezzanine loan was fully repaid through the proceeds of sale from the fully sold residential units.
Atrium worked with this first time client to provide construction and mezzanine financing for a mid-rise residential development comprised of 188 residential condominiums and 14,155 square feet of ground floor retail. Atrium’s $3.7 million mezzanine facility included an interest accrual over the term of the loan up to $4.9 million. We introduced the developer client to an institutional lender who provided the $53 million construction loan. The project recently completed construction and the mezzanine loan was fully repaid through the proceeds of sale from the pre-sold residential units.
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.