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Mitchell Group is a well-known investment and development company based in Surrey, BC with experience spanning four decades and including projects in all asset classes.
Miracon is the residential arm of the group. It has been active since 2014, delivering single family and low-density multifamily homes to the Lower Mainland/Greater Vancouver area. Miracon has won multiple awards, demonstrating the group’s commitment to quality and excellence.
Opportunity
Miracon was seeking financing for the land servicing and construction of the Foundry Townhome Project, a 106-unit residential townhouse development in Langley, BC. The project had long been on the radar with their existing lender; however, due to COVID-19 and market uncertainties the offer was rescinded.
The financing request was to consolidate the existing mortgage on the land, provide for servicing, and enable construction of the finished product. Miracon also needed to issue Letters of Credit to the Township in order to finalize zoning and get the full project underway.
Solution
Ashdown Capital’s Clayton Rutquist and Brad Kiendl were engaged to help source financing for all stages of the project. They successfully obtained the funding necessary to get the project underway, with advances enabling 31 spec townhomes, and the remainder under a favourable phasing plan. This funding structure allowed Miracon to build the initial inventory required to showcase the project and sell the remainder of the units. The flexibility of this Ashdown-sourced financing solution made it the optimal choice for the development.
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