Toronto, Canada, November 22, 2023 – Beacon Capital Advisors Inc., an affiliate of Beacon Advisors, is pleased to have acted as the financial advisor to a Toronto-based condominium developer in securing a subordinated construction loan facility for the completion of a boutique mixed-use development in Toronto, Canada.
The Mandate
In August 2023, Beacon was approached by an independent Toronto-based developer completing an eight-story mixed-use condominium project consisting of 32 residential units and commercial space at ground level. Due to project delays and cost overruns, the senior lender wanted to avoid committing further funds to the project, leaving the developer with the task of securing a secondary lender.
The Work
As part of its debt advisory mandate, Beacon prepared a summary of information for the project and contacted multiple lenders with experience and track record in construction lending. The short-listed parties with interest in the project were provided with detailed information on the opportunity, including cost reports, environmental and appraisal documentation, and pro-forma funds distribution schedules.
The Outcome
In September 2023, Beacon’s debt advisory team negotiated and agreed on a term sheet with a private lender to provide the financing necessary for the project’s completion. As funding was secured after a legal and project due diligence period, the project is on track for registration and full completion by Spring 2024.
About Beacon Capital Advisors
Beacon Capital Advisors Inc., a wholly-owned subsidiary of Beacon Corporation, is the debt advisory arm of the business focused on assisting business owners with acquisition financing, recapitalization, mezzanine, growth and working capital financing, and cash flow financing. Our team brings expertise in the lower mid-market, and we have a history of success in providing financing and transaction advisory services. Beacon has deep relationships with a diverse network of capital providers, allowing us to select and negotiate the best possible financing transaction for our clients.22