TORONTO, ONTARIO--(Marketwired - April 25, 2013) - CMLS Financial, one of Canada's largest independent mortgage lenders, is pleased to announce the debt financing of Maple Leaf Quay, a landmark Canadian asset in a prime location on the Toronto waterfront. A private, Vancouver-based investor bought the 502-unit property at the end of March. This is their first purchase in the Greater Toronto Area (GTA) and indicates investor confidence in the Toronto apartment market.
One of the city's most recognizable waterfront properties, Maple Leaf Quay is a three-building, mixed-use apartment complex with office and retail space near the base of the CN Tower. The property was part of earlier attempts to redevelop Toronto's waterfront and this is only the second time that the buildings have traded hands since Huang and Dansky constructed them in 1988.
"It was a pleasure working on such a first-class asset with first-class borrowers," says Harley Gold, VP Business Development at CMLS Financial. "The borrowers bought well and their many years of industry experience will enable them to add greater long-term value to Maple Leaf Quay."
"We're very proud to have participated in the transaction and appreciate the trust that our borrower client placed with us," says David Franklin, President of CMLS Financial. "We're a very client-focused organization, so we always welcome the opportunity to evaluate, structure and meet a client's unique financing objectives with customized solutions."
According to Gold, the apartment sector continues to be one of the most active property types trading hands these days. Cash flow reliability and strong fundamentals such as record low vacancy rates and mortgage rates make the apartment sector an attractive and sought-after investment.
"Milestone transactions like Maple Leaf Quay don't come along too often," explains Gold. "This was an exceptional purchase for a new investor to the Toronto market and we were very pleased to have played a part in its successful completion."
CMLS Financial is well acquainted with funding major transactions. So far in Q1 2013, CMLS Financial has already participated in over $650,000,000 of debt financing. The company provides financing for all the major asset classes including multi-family, office, retail, and industrial real estate sectors. In 2012, CMLS Financial originated over $2.2 billion dollars worth of commercial mortgage financing and the company is on target for $2.4 billion of origination volume for 2013.
About CMLS Financial
CMLS Financial is one of Canada's largest independently owned mortgage lenders, with offices across the country. Founded in 1974, the company provides a wide range of commercial mortgages, residential mortgages, and institutional services. Some of Canada's most prominent banks, investment managers, insurance companies, and pension funds rely on CMLS Financial for a variety of critically important mortgage services. For more information about Canada's Mortgage Company(TM), visit www.cmls.ca.
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