- What Bento has bought a parcel at 572 Church Street
- Why It plans to construct a 12-storey purpose-built rental building on the site
- What next Balmoral has been tapped to source a $60m construction facility for Bento
Bento Developments has purchased land for a large, purpose-built rental project in downtown Toronto and is working to secure construction financing, Green Street News can reveal.
The Markham, Ont.-based developer paid $10.5m for the plot, at 572 Church Street. CBRE had the assignment, which closed on Sept. 20, on behalf of seller Fieldgate Urban, the high-rise division of Fieldgate Homes.
The property sold below the $13.3m asking price where it was listed about a year ago.
Empirical Capital provided an undisclosed amount of debt to fund the land purchase. Balmoral Capital advised on the financing.
Bento plans to build a 12-storey residential property with 126 units. There also will be 2,400 sq ft of ground-floor retail space. Construction is expected to begin next spring. The site currently houses a vacant 4,000 sq ft Beer Store and parking.
The company has tapped Balmoral to source a roughly $60m construction facility, likely through the Canada Mortgage and Housing Corp.’s MLI Select program.
Before selling the property, Fieldgate received various approvals to allow for the development of the mixed-use 12-storey building. According to marketing materials, the population within 3 km of the site is expected to increase 12.6% by 2027.
Bento has engaged an energy consultant to certify that the building will perform 45% better than the National Energy Code of Canada for Buildings 2020.
Bento has approximately 4,000 units in the pipeline. The firm has more than 30 years of experience in land assembly, planning and development management to project management.
Boutique capital advisory firm Balmoral Capital specializes in structuring financing solutions for real estate developers and investors across Canada.
