Canada Mortgage and Housing Corporation establishes Rental Construction Financing initiative

Goodmans LLP represented Canada Mortgage and Housing Corporation in connection with the establishment of its Rental Construction Financing initiative to finance the construction of affordable rental housing across Canada, and acting as its lead counsel. 

During 2022, Goodmans acted on more than $1.6 billion in committed loans under the program, including:

1. an approximately $143 million mortgage loan to Medallion Realty Holdings Limited for a 19 storey multi-residential building containing 256 rental housing units, and a 23 storey multi-residential building containing 332 rental housing units, both at 391 South Street in London, Ontario;
2. a $107.5 million mortgage loan to affiliates of Marcon Investments Ltd. for a 215-unit purpose-built rental apartment building located at 5780 Alberta Street in Vancouver, British Columbia;
3. a $129 million mortgage loan to Kanata Woods Inc. for a 306 unit purpose-built rental apartment building, together with 14,284 square feet of non-residential space, located at 180 Kanata Avenue in Ottawa, Ontario;
4. a $115 million mortgage loan to a joint venture among Urbancore Developments Inc., Carriage Gate Inc. and Artben Homes Limited for 352-unit purpose-built rental apartment building and facilities ancillary thereto municipally known as 16 & 22 Roxanne Drive, Hamilton, Ontario;
5. a $105 million mortgage loan to affiliates of Claridge Homes for a 30 storey multi-residential building containing 270 residential units, together with approximately 1,130 square feet of retail space, located at 1040 Somerset Street West in Ottawa, Ontario;
6. a $114 million mortgage loan to 3247 King Street East (Kitchener) Limited for a 24 storey purpose-built rental apartment building and related facilities to be located at 3241 and 3247 King Street East, Kitchener, Ontario; and
7. an $86 million mortgage loan to Oakdale Lands Ltd. for a multi-building, purpose-built rental apartment complex located at 351-369 Oakdale Drive, Winnipeg, Manitoba.