- What VersaBank has provided Ovis Group with a $121m construction loan
- Why Ovis plans to use the funds to construct a 242-unit rental project
- What next The Odyssey is expected to be completed in 18 months
VersaBank has inked a $121m construction loan to finance the development of a rental project in Saanich, B.C., Green Street News can reveal.
The CMHC-insured, MLI Select loan was funded on Sept. 8. CMLS Financial advised on the financing deal.
Borrower Ovis Group plans to use the funds to build the Odyssey, slated to have 242 units and 17,000 sq ft of commercial space. Ovis bought the property, at 3400 Tillicum Road, on Jan. 25 from Manitoba construction company Ironclad Developments.
Ironclad is the builder, and Stratosphere Properties is a minority partner in the project, which is valued at $160m. The cost of the project is approximately $130m. The partners broke ground on June 18.
When completed, in about 18 months, the property will comprise two six-storey, l-shaped buildings. Units will range from studios to three bedrooms.
The property is 4 km from Victoria and close to public transit, Hampton Park and the Tillicum Centre mall.
Victoria-based Cielo Properties originally unveiled plans for the development in 2019. The site used to be home to Playtime Games Bingo. Cielo did planning work before selling the land in 2022 to Ironclad.
Last week, Green Street News reported that Ovis Group bought the 120-suite Reunion at Belmont from Ledcor Properties on Aug. 20. That asset comprises a five-storey building at 920 Reunion Avenue.
