- What Equitable Life was the lender, Balmoral Capital was the debt advisor
- Why The loan-to-value was 60%
- What next Proceeds are going to capital expenditures
The owner of a fully tenanted retail plaza at the intersection of Walkers Line and Upper Middle Road in Burlington has secured a $9.3m term loan, Green Street News can reveal.
Tobyn Park Homes secured the loan from the Equitable Life Insurance Co. of Canada. Balmoral Capital acted as the debt advisor for the loan, which funded on Nov. 4.
The loan-to-value was 60%, and proceeds are said to be going to capital expenditures.
The property at 1801-1841 Walkers Line in Burlington consists of four buildings on a 3-acre lot.
Building A consists of a two-storey office and retail building with a patio area for the ground-floor restaurant tenant, and a drive-thru attached to the ground-floor bank tenant, Bank of Montreal.
Building B is a freestanding A&W restaurant with a drive-thru.
The remaining two structures are single-storey, multi-tenant commercial buildings. Tenants include a Little Caesars Pizza location and a restaurant, Rust Bistrobar.
The plaza, which is shadow-anchored by nearby grocery-based retailers, was constructed in stages from 2009 to 2018.
The site benefits from being in a strong commercial node with high traffic volume.
