- What A luxury condo project has secured a $59m first mortgage
- Why The developer is using the proceeds to repay a construction loan and cover various costs
- What next The loan is secured on 16 luxury condo units, 14 of which are unsold
Firm Capital has provided a $59m first mortgage inventory loan to the developer a new 26-unit luxury condominium building in Toronto’s Rosedale neighbourhood, Green Street News can reveal.
Dale II Inc. secured the financing to repay a construction loan and to cover costs to complete the interiors of unsold/inventory units in the building, called No. 7 Dale. The loan, which funded in early June, is secured by 16 condos, 14 of which are unsold.
Toronto-based Platinum Vista is developing the project, and Milborne Group is partnering on it.
The remaining 10 units have been sold and are occupied. The building was registered with the city earlier this year, and buyers started taking possession in April.
The property, at 7 Dale Avenue, has a 24-hour concierge, a gym with marble changing rooms and marble steam showers, a catering kitchen, a tea house overlooking a ravine and a six-person meeting room.
The condos range from 2,500 sq ft to 5,200 sq ft and have high-end finishes. The building was designed by Hariri Pontarini Architects.
