- What Developer Loewith Greenberg secured financing for Terraces of King George
- Why Purpose-built rentals are forecast to see strong demand for years
- What next Occupancy is expected to start in 2026
The first phase of a large purpose-built rental project in Brantford, Ont., has secured a $90.6m construction loan from the Royal Bank of Canada, Green Street News can reveal.
The project, dubbed Terraces of King George, is being spearheaded by developer Loewith Greenberg Management. Foundry Mortgage Capital acted as the debt advisor.
The Canada Mortgage and Housing Corp. MLI select loan for the project funded on Aug. 22. The initial phase, at 141 King George Road, is valued at $100m and will include 211 apartments. A second phase will bring the total to 424 units and a combined value of over $250m.
Terraces of King George, when fully completed, will comprise two nine-storey towers atop a two-storey podium. The ground floor will have over 6,000 sq ft of commercial space, and the towers will have 213 and 211 units.
Most apartments will have two or more bedrooms, with the smallest being 1,000 sq ft. Amenities are slated to include a pool, a gym and a sauna.
The property is adjacent to Mayfair Park and close to Highway 403. Brantford is 30 km west of Hamilton. Occupancy is expected to begin in 2026.
A report by the CMHC noted that the fast-growing population in the Hamilton area, particularly among millennials and seniors, is pushing rents higher. Rent growth last year set records, the report said, with average rents for two-bedroom apartments increasing more than 13% from the year prior.
Article updated at 3:20 p.m. ET on Sept. 26, 2024, to include additional details about the project’s valuation and phases.
