- What Groupe Dumont obtained a $52.1m loan from KingSett Capital to refinance a Gatineau apartment building
- Why The building recently underwent a total renovation, improving energy efficiency
- What next CMHC is insuring the loan through the MLI Select program
Groupe Dumont obtained a new $52.1m loan on a Gatineau apartment building, Green Street News can reveal.
The Laval, Qué.-based investment company bought the 194-unit Altitude H, in the city’s Hull neighbourhood, in 2020. KingSett Capital provided the financing, with PMML brokering the deal.
The loan was insured through Canada Mortgage and Housing Corp.’s MLI Select program. Groupe Dumont recently completed a renovation of the 50-year-old building, resulting in a 56% improvement in energy efficiency and allowing the property to qualify for MLI Select under the energy efficiency criteria.
The 15-storey building contains studio to two-bedroom apartments, with rents ranging from roughly $1,000 to $1,700. Amenities include a gym, a bike shop and a picnic area.
Altitude H is across the street from a retail plaza with a grocery store, a pizza shop and a Tim Hortons. It’s a kilometre from Hull Hospital, 8 km from the University of Ottawa and 10 km from Carleton University.
Groupe Dumont owns more than a dozen properties in Ontario and Québec across various asset classes, including industrial, office and residential. The firm has two planned developments, including a seven-tower project in Ottawa that would add 1,768 residential units and 1,500 sq m of commercial space to the city.
