First National Financial LP®
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Development and construction loans for student housing properties

A First National’s construction loan provides funds to cover the cost of building or substantially rehabilitating a property with terms typically of three years or less.

Borrowers use our construction program to cover land development and building construction costs. Funds can be disbursed on each stage completed, according to a prearranged schedule, or when certain milestones are met. 

CMHC-insured and conventional construction financings are available for student housing properties, as well as retirement housing, mixed-use properties and multi-family properties.

An exit strategy for the construction loan is one of the key considerations for funding. Construction loans are repaid from standard financing or the sale of the asset. 

Other critical considerations include the borrower’s experience, net worth and liquidity, as well as the location and quality of the site and market feasibility (especially for CMHC financing).

Speak to one of our empowered advisors to assess options and determine the best course of action for finding and securing a smart-risk mortgage. 

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Economic and political developments – both in Canada and globally – can impact the commercial real estate market. First National experts follow these trends closely and provide honest, real and professional perspectives into what they could mean for your portfolio.

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Smart risk solutions in action for storage

See how we’ve applied our financing products innovatively to help storage borrowers achieve their goals with performance and value.

CMHC insured financing for an acquisition of a newly constructed 90 townhouse project

  • $25.3 Million
  • 90 units
  • Edmonton, AB
  • CMHC insured mortgage
  • 10 year term, 40 year amortization
  • LTV: 85%

Refinance of unencumbered property containing 308 units, to be used for capital repairs

  • $40 Million
  • 320 units
  • Toronto, ON
  • CMHC insured mortgage
  • 10 year term, 25 years amortization
  • LTV: 49%


    Senior Retirement residence with 109 units - CMHC insured mortgage to convert construction facility to term loan

    • $32.5 Million
    • 109 units
    • Georgetown, ON
    • CMHC insured mortgage
    • 10 years term, 40 years amortization
    • LTV: 79.5%

      Completion take out of 4 storey podium level of 25 storey tower

      • $28.7 Million
      • 77 units
      • Coquitlam, BC
      • CMHC insured mortgage
      • 5 years term, 45 years amortization
      • LTV: 83.73%

        Refinance of 144 rental units to provide funds for capital expenditures across borrowers existing portfolio as well as future acquisitions

        • $31.9 Million
        • 144 units
        • Calgary, AB
        • CMHC insured mortgage
        • 10 years term, 40 years amortization
        • LTV: 70%

          Refinance of free and clear property to provide equity for capital expenditures across borrowers portfolio and acquisition of other properties

          • $63.8 Million
          • 346 units
          • Toronto, ON
          • CMHC insured mortgage
          • 10 year term, 30 years amortization
          • LTV: 95%

            Construction take out of purpose built apartment building achieving Energy Efficiency through MLI Select Program

            • $61.4 million
            • 163 units
            • Mirabel, QC
            • CMHC insured mortgage
            • 5 year term, 50 years amortization
            • LTV: 95%

            The loan proceeds were used towards paying off an existing construction mortgage

            • $14 Million
            • 46 units
            • Ilderton, ON
            • CMHC insured mortgage
            • 5 year term, 25 years amortization
            • LTV: 63.1%

            Latest resources and insights

            Original perspectives and personal viewpoints on developments and industry trends in commercial real estate.

            Growth, Value and Risk

            Despite significant geopolitical tensions, the Bank of Canada announced today that it is keeping its benchmark interest rate at 2.75%, unchanged from March 2025.

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            We recently reported First National’s first quarter results.

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            Project spotlight

            Article
            Hazelview Investments has secured one of the largest CMHC-insured loans ever issued under the MLI Select program. Financing for this construction loan was provided by First National Financial LP.

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            Capital Markets update

            Article
            The Bank of Canada announced today that it is keeping its benchmark interest rate at 2.75%, unchanged from April (and March) of 2025.

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            View other student housing mortgage solutions

            CMHC financing

            As a deeply experienced CMHC-approved lender, we are experts in securing insured financing that offers lower interest rates and longer amortizations. An insured mortgage enables borrowers to manage cash flow more effectively and realize higher investment returns.

            Learn More: CMHC financing

            Standard financing

            First National’s standard financing programs are favoured by borrowers who look to acquire a new property or refinance an existing building. Loan terms typically range from three to five years, have a fixed interest rate, and are closed to prepayment for the term’s duration. 

            Learn More: Standard financing

            Bridge financing

            First National’s bridge loan terms typically range from three months to three years, include floating interest rates and allow some form of early prepayment. Borrowers choose this solution until standard financing is secured or while they contemplate a property sale, a change in ownership structure or enhance their tenant roster. 

            Learn More: Bridge financing

            Asset repositioning

            First National enables owners to access a property’s equity for a short term, typically two years or less, to fund capital improvements or repairs without the need to raise capital from personal sources or less flexible, higher-cost alternatives.

            Learn More: Asset repositioning

            Secondary financing

            A First National second mortgage enables borrowers to access property equity and use it to purchase another asset or renovate/repair their existing property.

            Learn More: Secondary financing
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            Sign up for Market updates

            Economic and political developments – both in Canada and globally – can impact the commercial real estate market. First National experts follow these trends closely and provide honest, real and professional perspectives into what they could mean for your portfolio.