CORE Capital Partners Inc. (FSCO Brokerage License No. 12497) and CORE Mortgage Admin Corp. (FSCO Mortgage Administration License No. 12345) are pleased to announce the successful exit of all its mortgage investors, amounting to $11.6 Million dollars from the Virerra Village Mortgage. Each investor received their principal and interest and all their contractual bonuses. Depending on their mortgage position investors received between 8% to 10% annual returns on their investment
CORE Capital Partners Inc. provided an alternative refinancing solution for the developer, Viridis Development Group Inc. Their proposed development, Virerra Village, is a 6.35-acre site situated at the intersection of Courtand Avenue and Block Line Road adjacent to one of the main Light Rail Transit (LRT) and the Rapid Transit Buses (GRT) station near with the property.
The proposed phase 1 will be a 27-storey building with a potential buildable area of 464,197 sq. ft. Phase 2 will feature a 32-storey building with a potential buildable area of 529,675 sq. ft. The site will undoubtedly be a landmark development for Kitchener upon completion.
Viridis Development Group Inc. will be submitting an application for site plan approval shortly to advance the project. The developers are working closely with a large private construction company based in Toronto as potential equity partner. CORE Capital Partner Inc. will assist in providing the developer with construction financing.