The project is for 42 Stack towns at, Ajax, Ontario approved , ready to go to market for pre-sale and shovel ready.

The project went to receivership previously with Centurion so The owner managed to re purchase it back for $8.6 MM to be closed in 40 days.
He wants to sell and willing to take small lose on it for a quick closing

He is building 4 blocks of Stacks.
Block 1 ) 14 Stacks
Block 2 ) 10 Stacks
Block 3) 10 Stacks
Block 4 ) 8 Blocks

The borrower got an appraisal done in Feb which was very conservative a residual value of $26 MM which is almost right based on the construction report attached.
The seller paid $800 K for servicing and only $80 K left.

- Survey Plan
- Reliance Letter for ESA I and II, and Geo-tech
- Most recent Architecture Drawings (RAW says the draft specifications will be ready for Monday)
- ESA I Report
- ESA II Report
- Geotech Report

An elegant enclave of Modern Towns in the heart of Ajax. With convenient access to Toronto only 2 minutes from Highway 401, these elegant 2- and 3-bedroom two-storey townhomes await you.

Experience an affordable NEW STYLE OF LIVING for families and professionals alike with the modern features and touches you have come to expect…kitchens with granite

or quartz countertops, private terraces, and even available roof terrace suites!

Depends on borrower Net worth, the new negotiated mortgage can be assumed by bringing $3.5 Million Cash (Equity / TBD)