FINANCING OF THE AUGUSTE & LOUIS CONDOMINIUMS PROJECT
Gascon & Associates, through Mr. Jean Proulx, Partner, was mandated by developer Devimco Immobilier to advise the borrower in connection with the nearly $100M financing of the Auguste & Louis Condominiums construction project, located on the Radio-Canada site in Montréal.
As part of his mandate, and in addition to his advice on the financing offer, Mr. Proulx also negotiated with the lender’s attorneys all facets of the financing documentation, the corporate guarantees and other ancillary agreements. He also had to put in place the security required by ACQ Residential Inc., a company called upon to guarantee buyers’ deposits.
Ultimately, as subordination agreements were required in this file, his contribution was greatly appreciated by the client given the lender’s requests, the requirements, the constraints of ACQ Residential Inc. and of the other parties involved in this financing file.
Gascon, possessing a great deal of expertise in the real estate field, has, moreover, proceeded with the examination of the ownership titles and issued the title search report.
The timelines for the implementation of this financing have been met, so the borrower can now obtain the necessary advances to pay the contractor and subcontractors in a timely manner.