Crates Landing- CL is a unique master planned waterfront community located at the mouth of the Maskinonge River across from Crates Marina, the largest marina (over 600 boat slips) on Lake Simcoe in Keswick Village, Georgina. The Town of Georgina (population of 45,000) is located 45 minutes north of Toronto and will be serviced by the to be extended HWY 404 within 3 to 4 years. In addition to being a popular summer yachting destination, Georgina is the world’s largest ice fishing area (over 900 ice huts), as well as a key snow mobile terminal, on the Trans Canada Trail.
The CL Project was a high-end adult luxury lifestyle residential waterfront community and ecotourism destination within an hour of the GTA, comprising a centerpiece 104 luxury all-suite flag hotel (83,000 SF. LOI with a flag) and conferencing centre, 17 luxury condominium townhouses (48,000 SF), 72 lavish condominium apartments (79,000 SF), a sophisticated commercial / retail mixed use complex (34,000 SF), all connected for public access from the road or the water by winter-proof well appointed concourses and/or surface level eco-educational boardwalks woven seamlessly into the natural fabric of local fauna and flora. Project hard and soft costs are estimated at $46M and $19M, respectively
The Crates Landing project ran into an issue in that it was not able to find Bridge Financing for over 12 months and the project was at a stand-still. When the principal for Acumen Group was brought the project, there were several brokers that had attempted to raise the approximately $5.5M required by the project sponsor but were unsuccessful. When we looked at the project, we saw the true value of the project and realized that the project required to be re-positioned in order to ensure it was capable of being financed. Once we started to work on the project and repositioned the project into a priority of phasing the project properly, it was quite simple to show our investors the value and the secure nature of the project. Within 60 days, we were able to repackage the project and fund the $5.5M required by the project sponsor.
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