Trez Capital, a private real estate lender based in Vancouver, is providing more than $48 million in construction funding for a new condominium development in midtown Toronto.
The loan will support construction of a four-storey building totalling more than 57,000 square feet, with 36 units, and anchors Trez Capital’s strategic approach to developments in Eastern Canada.
“This is an exciting project for us as we expand our reach further into the Eastern Canadian market,” said Mike Fortier, Vice President Origination, Canada. “Operating out of our Vancouver and Toronto offices, the veteran loan origination team at Trez Capital is well positioned to service the market across Canada. Between myself, Steve Commons, Eric Horie, Brian Marshall and Derek Wasson, we have combined experience of over 90 years in lending, banking and commercial real estate and we work closely with our credit group on a daily basis when structuring new financings. The strength and experience of the team at Trez Capital allows us to provide a solutions-based approach to lending, while still adhering to the institutional quality credit processes we employ.”
Located at Mount Pleasant and Eglinton, the project will feature 36 modern, high-end units ranging from 800 to 2,500 square feet. Each unit features a sprawling outdoor space with either a private terrace, backyard or rooftop.
“Toronto is a competitive market for condo development, so it’s important to provide a unique offering to the market,” said Peter Freed, CEO and Founder of Freed. “This building will ensure that residents have the chance to enjoy their own piece of the outdoors as well as living at a key intersection of midtown Toronto. We look for certain factors when we choose neighbourhoods and we’re excited about this area in particular. Trez is the perfect partner for this project because we have a similar vision in what we’re looking to create.”
“Freed is a strong partner for us in the Toronto market because they take a careful, calculated approach to what they develop and where,” said Fortier. “They’ve built their reputation on making smart choices, so there’s a natural fit with our firm’s values. With its great location and design, this project is a winner, and we are excited to be a part of it.”
The loan was originated by Trez Capital’s Fortier and Steve Commons, Vice President Origination, Canada.
Trez Capital provides short-term debt and equity financing typically between six and 36 months in term, and up to $100 million in loan value. Trez Capital is on pace to originate $2 billion in loans by the end of 2021.