By Jocko Toic / August 21, 2020
Silvermont Finance in affiliation with Calixa Capital Group, and Silvermont-North East Mortgage Agency, are pleased to confirm the purchase of a commercial building in the Montreal area.
Silvermont Finance provided bridge financing alongside Silvermont-North East Mortgage Agency to acquire the purchase in these unprecedented times during the COVID-19 pandemic.
The property was purchased 10% below evaluation and is currently going to be re-positioned with another anchor tenant. This will increase the value of the property by 40% approximately.
Going forward, the property has the potential for a modern condominium development.
In addition to the bridge financing, Silvermont will receive a 10% bonus on the loan once the property is re-financed as well as a potential equity share in the future.