Either none of this really happened, land titles is wrong, the MLS condo sale information is incorrect, and the BC Government never issued Mortgage #CA5420056 approval to Title # CA5419247 for a market condo building site at 508 Helmcken; or some Liberal politicians are a little confused?
- 508 Helmcken is a development site in downtown Vancouver. The approved project contains market luxury condos and market rentals. There is zero social housing on this building site.
- Completion of social housing on a different site was substantially completed by early summer 2016 and all tenants had moved out of 508 Helmcken by July 2016.
- Pre-sale marketing began for 508 Helmcken began at or about May 2016.
- A $36.215 million dollar loan was paid off in August 2016 for the social housing property.
- A new $39 million loan was immediately issued by BC Housing on a different property, as the $36.215 million loan was repaid.
- A $39 million dollar loan was then registered on a different (condo site) property (title #CA5419247), in August 2016.
Title # CA5419247 –
Note owner is not a Society and the name refers to a luxury condo development named 8×8 ON THE PARK
Title # is CA5419247 – page 8 of title – Mortgage CA5420056 is identified
Mortgage # is CA5420056 – page 4 – Note borrower is not a Society but rather a developer.
Mortgage # CA5420056 – This is a $39 million dollar loan approval provided by BC Housing to a developer of luxury housing on an approved luxury housing site that is not approved for and not anticipating any affordable housing.
Note that the rate is the “variable rate” plus administration charges “up to” 9/16 of a percent”. The variable rate is defined as “the weighted average of the interest charged by the ministry of finance of the government of British Columbia to British Columbia Management Commission (“BCHMC”). That rate has been identified as being 1.08%, not including any administration charges.
Interest rate – blown up – 1.08%
Interest rate source
Sale of Unit 2007 – 508 Helmcken, which has been renamed to 1111 Richards Street.
Sold November 15, 2016 while Mortgage # is CA5420056 was registered to 508 Helmcken, also known as 1111 Richards street or as Title # is CA5419247 by BC Land Titles.
If BC Housing truly didn’t lend any money for this condo development, then it is puzzling why they were concerned about receiving sales reports from the developer for condo sale “achievements” “once every 90 days”?
As long as MLS and land titles are correct, then this is what occurred as far as basic initial facts regarding the issuance and registration of Mortgage # is CA5420056.
If one assumes that BC land title records are correct, then some big questions might be:
- Why was this loan issued from BC Housing to a developer, for a development site with only market housing?
- Why were no other competitors allowed to compete for this deal at all from the City of Vancouver of BC Housing?
- Why and how did the City of Vancouver sign an agreement, guaranteeing to help arrange this great condo financing from BC Housing for the developer as they did?
- Did this follow the guidelines and agreements under the Canada Mortgage and Housing Corporation Act, which BC Housing receives much of its funding?
Did this follow the permissible guidelines and mandate of the Ministry of Lands, Parks and Housing Act?