- What BlackBay Real Estate has refinanced its 120-unit rental property in Dartmouth, N.S.
- Why The refi provided the borrower with a substantial equity takeout
- What next BlackBay is focused on addressing the shortage of affordable housing in the region
BlackBay Real Estate Group has refinanced its 120-unit rental property in Dartmouth, N.S., Green Street News can reveal.
Institutional Mortgage Capital provided a $28m bridge loan to the firm, backed by the 15 Kennedy Drive property, providing the borrower with a substantial equity takeout. Balmoral Capital was the debt advisor for the loan, which funded in April.
The borrower had requested a bridge to a future Canada Mortgage and Housing Corp. facility with prepayment flexibility.
The property is an eight-storey building that was fully renovated in 2024. The concrete-framed structure has corrugated aluminum siding and double-pane thermal windows. The units have finishes such as quartz countertops, vinyl plank flooring and modern appliances.
Amenities include a laundry facility and two elevators. There are approximately 110 surface parking stalls.
Based in Nova Scotia, BlackBay Real Estate is a developer focused on addressing the shortage of affordable housing in the region through the provision of affordable units and the revitalization of existing buildings. The firm has pledged to maintain over half of the units in its recently acquired properties as affordable for the next decade.
