Findev Inc. Announces an Advance of Mezzanine Financing to Plazacorp
Toronto, Ontario (FSCwire) - Findev Inc. (“Findev” or the “Corporation”) (TSX-V: FDI), today announced the advancement of a mezzanine loan in the amount of $1.3 million to Plazacorp Investments Limited. The loan bears interest at the rate of 12% per annum and matures on March 20th 2018.
With this loan, it brings the total aggregate of our loan and mortgage portfolio to $15 million yielding a blended annual interest rate of 10.6%.
Plazacorp (www.pureplaza.com) is one of Toronto’s most experienced residential condominium construction and development organizations, with over 5,000 condominium suites either already completed or under construction in Toronto. Its communities can be found in many of Toronto’s most desirable urban neighbourhoods including Yorkville, North Toronto, King West, Queen West, Lawrence Park, Liberty Village, The St. Lawrence Neighbourhood, Harbourfront, Mt. Pleasant Village and more.
Findev (www.findev.ca) is a real estate investment firm that operates as a finance and execution partner in quality development ventures. Findev focuses on residential and retail projects within the GTA and deploys capital in varied financial structure models that span the debt/equity spectrum.
On behalf of the Company,
Sruli Weinreb, CEO
(647) 789 - 5188
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Source: Findev Inc. (TSX Venture:FDI)
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