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.
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
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Source: Findev Inc. (TSX Venture:FDI)
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