TORONTO — Hazelview Investments is reporting it has secured one of the largest CMHC-insured loans ever issued under the MLI Select program.
The funding will go towards the development of 856 new purpose-built rental homes at the intersection of Bloor Street West and Dufferin Avenue. Financing for this construction loan was provided by First National Financial LP, explains a release.
“Securing this financing reflects our belief that doing the right thing for communities also delivers long-term value for investors,” said Michael Williams, head of development at Hazelview Investments, in a statement. “The scale and structure of this loan allow us to move forward confidently with a project that meets high standards for livability, sustainability, and financial performance.”
Hazelview states there is a $79.8 million community benefits package included as part of the development of this site, including a $12.5 million cash contribution to establish land trusts that will acquire affordable housing.
The community benefits package includes:
- a new city-owned community hub and day care on the first two floors of the former Kent School building;
- an eight-storey building with 56 purpose-built units to be conveyed to the city, exclusively for public affordable rental housing;
- a new bus-accessible public road;
- a new public park; and
- an underground pedestrian connection to the Dufferin TTC subway station.
“Bloor Street is one of those centrepieces of Toronto. It’s a historic street that defines the east-west spine of the city. Hazelview’s vision for this landmark corner of Bloor Street West and Dufferin Avenue, helps raise the standard for apartment living in our city, one that we have yet to see at this quality and scale,” says Barry Gidney, AVP, commercial with First National Financial LP.
“They are helping create a true vertical neighbourhood, that is accessible, sustainable, and family-oriented. It’s the kind of multi-unit housing Toronto needs very badly, and we are thrilled that we were able to help support that vision.”
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