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Findev Inc

Exchange: TSXV Exchange | Dec 16, 2017, 11:39 AM EST

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Findev Inc. Announces $13 Million Mezzanine Loan




Findev Inc. Announces $13 Million Mezzanine Loan



Toronto, Ontario (FSCwire) - Findev Inc. (“Findev” or the “Corporation”) (TSX-V: FDI), is pleased to announce that it has closed its largest transaction to date, a $13 million mezzanine loan to Plazacorp Investments Limited for the Plaza Theatre District and Condo project.  The loan bears interest at the rate of 10% per annum and matures on December 1, 2018.

 

The project, located at 30 Widmer, Toronto, Ontario, is a 48-storey tower designed by Quadrangle Architects within the busy Entertainment District.  The use includes a 353-suite hotel occupying the bottom 28 floors of the building, while the upper portion of the tower will house 131 condos.  The height of the tower is 156 meters (512 feet) and sits atop a 10-storey podium. 

 

The borrow is a related party to Findev and has to date borrowed $14.3 million exclusive of the above-mentioned loan, all of which all has been reimbursed.

 

About Findev

 

Findev (www.findev.ca) is a real estate financing company that lends money to residential and retail development projects within the Greater Toronto Area (“GTA”).  Findev’s unique market advantages include its expertise in real estate development and access to its development partners.  This provides Findev with a strategic advantage in lending to developers engaged in challenging projects.

 

On behalf of the Corporation,

 

Sruli Weinreb, CEO
(647) 789 - 5188
sweinreb@findev.ca

 

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

 

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Forward-Looking Statements

 

Certain statements in this document may constitute “forward-looking” statements, which involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. When used in this document, such statements use words like “may”, “will”, “expect”, “continue”, “believe”, “plan”, “intend”, “would”, “could”, “should”, “anticipate” and other similar terminology. These statements reflect current assumptions and expectations regarding future events and operating performance and speak only as of the date of this document. Forward-looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to vary significantly from the results discussed in the forward-looking statements, including, but not limited to, the factors discussed under the “Risk Factors” section of the Corporation’s most recently filed Management Discussion and Analysis which is available on SEDAR at www.sedar.com.

 

Although the forward-looking statements contained in this document are based upon what we believe are reasonable assumptions, we cannot assure investors that our actual results will be consistent with these forward-looking statements.  We assume no obligation to update or revise these forward-looking statements to reflect new events or circumstances, except as required by securities law.



To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/Findev11302017.pdf

Source: Findev Inc. (TSX Venture:FDI)

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