77 Units, Refinanced with MLI Select | Nicholas Forget

Refinancing

Located in the heart of the Old Longueuil neighborhood, the building at 450-468 Curé-Poirier West embodies the perfect blend of semi-commercial character and residential conviviality. This property features five commercial units and seventy-two residential units, including twelve spacious 3 1/2 units and sixty charming 2 1/2 units.

Advantages for Residents

Situated in a busy area of Longueuil city, residents enjoy privileged access to several parks within walking distance, creating a pleasant and dynamic living environment.

Qualification in the CMHC’s MLI SELECT Program

Our mission was to secure the best possible refinancing to release maximum equity withdrawal. The borrower group, with several construction projects underway, had the opportunity to inject funds into their projects to create new housing units. To achieve this, we qualified the building in the CMHC’s MLI SELECT program to obtain the best financing parameters. The building recently qualified for the MLI Select program with a score of 50 points in affordability, thus committing for a ten-year period. The building meets CMHC standards for affordable rent. The diversity of the units allows for the optimization of the project’s profitability without compromising the growth of other apartments. To participate in the MLI Select program, twenty-nine of the seventy-two apartments were qualified for affordable rents. We had to choose wisely not to compromise the asset’s profitability.

Transaction Success and Benefits for Clients in the Current Market Context

We express our deep gratitude and warm congratulations to the investors for the trust they have placed in us, a trust that has proven to be a fruitful investment. We also wish to thank our team at PMML, who were a major asset in this transaction. Their quick execution minimized processing delays, and clients were able to benefit from this in a market where interest rates were rising.