About the Business
2149751 Ontario Ltd. is a for-profit, family-run real estate holding company owned by Niclas Kirchberger. This full-service property management firm has experience managing multi-residential apartment buildings as well as industrial, office, and retail properties. Based in Brantford, the group has acquired an expertise in the area and has made Brantford and its surroundings their main geographic focus.
About the Loan
Through this partnership, VCIB provided a $3,600,000 fixed-rate term mortgage to assist with the refinancing of an existing CMHC-insured mortgage, and an equity takeout of $1.6M. The mortgage was secured by a 36-unit mixed-income residential apartment building located on West River St., in Paris, Ontario – of which 24 units will be used as affordable housing.
Additionally, this financing will assist 2149751 Ontario Ltd. with the purchase of a grocery-anchored strip mall, and the construction of a mixed-use building in Brantford, Ontario.
About the Impact
As a values-based bank with an organizational goal of financing fairer, affordable, and sustainable communities, VCIB recognizes the importance of developing safe and affordable living spaces. VCIB’s financing will support 2149751 Ontario Ltd’s 24 affordable-rent units, offering 24 families in Paris the possibility to own their own home.
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