The Duke Apartments

$51.5M prime construction loan

The Duke Apartments

Amount
$51,500,000
Loan Type
Construction Loan
Mortgage Type
First Mortgage
Asset Class
Residential

Vancouver, British Columbia

In the spring of 2015, Vancouver-based Edgar Development approached KingSett for financing on an Edmonton project. KingSett was able to turn around a commitment in less than two weeks. Some months later, when Edgar needed a construction loan for a 201-unit, multi-family rental in Vancouver, KingSett was one of Edgar’s first calls.

While KingSett is traditionally seen as a provider of second mortgages, we have moved to offer a one-stop service, packaging senior and junior loans with flexible terms and additional leverage. In this case, KingSett committed a $51.5 million first mortgage construction loan for the project. We also collaborated with Edgar’s senior lender of choice to deliver appropriate direction in order to simplify loan approval for the client.

A growing number of clients like Edgar select KingSett for repeat business because of our firm’s ability to customize financing products and deliver them quickly in a competitive environment where time-to-market matters.

Dukeliving.ca

With quick turn around times and financing solutions tailored to each of our project's needs, KingSett has fast become a reliable and preferred lender of Edgar Development.

Peter N. Edgar, President