 | Canada Mortgage and Housing Corporation provided $357 million loan to Dream, Kilmer and Tricon for construction of 761 rental housing units in West Don Lands, Toronto |
2019
| Areas | Banking and Finance Law, Commercial Real Estate, Construction and Infrastucture |
Summary
On October 1, 2019 Canada Mortgage and Housing Corporation (“CMHC”), in connection with CMHC’s Rental Construction Financing Initiative (“RCFi”), provided first mortgage construction financing to subsidiaries of Dream Unlimited Corp., Dream Hard Asset Alternatives Trust, Kilmer and Tricon Capital Group Inc. (the “Borrower”) in the amount of $357 million to facilitate the development and construction of the Borrower’s 761 unit rental housing project located in the West Don Lands area of Toronto.
The RCFi provides low-cost loans encouraging the construction of rental housing across Canada where there is a need for additional rental supply. The RCFi mandate is to provide up to $13.75 billion in loans for the construction of at least 42,500 units and runs until 2027.
