- What Cameron Stephens Mortgage Capital will back a residential tower project in London
- Why Borrower York Developments is planning to build 401 units at 3080 Bostwick Road
- What next The syndicated loan is expected to fund this fall, when construction begins
Cameron Stephens Mortgage Capital has committed to providing a $130m first mortgage to fund the construction of two apartment buildings in London, Ont., Green Street News can reveal.
The syndicated loan is expected to fund this fall, when construction begins. The project is scheduled to take roughly three years to complete.
Borrower York Developments is planning to build 18- and 21-storey towers at 3080 Bostwick Road with a combined 401 units. One tower will have 191 units and the other 210 units. The towers will be joined by a five-storey podium.
The property is also slated to have 15,000 sq ft of commercial space on the ground floor. The 615 parking spaces will be on two underground parking levels and one above.
The project is in London’s Westmount neighbourhood, adjacent to the new StarTech.com Community Centre, YMCA and library at 501 Southdale Road West. Loblaws and FreshCo supermarkets, Canadian Tire and Home Depot are nearby, and Western University is 8 km away.
Cameron Stephens has a long-standing relationship with York, having provided the firm multiple loans since 2017.
York has developed more than 30 commercial and residential projects in Ontario since 1996. The company specializes in residential subdivisions, commercial centres, mixed-use developments, self-storage facilities, condominiums and apartment buildings.
The company’s completed purpose-built rental projects include the 16- and 17-storey Alto Towers constructed in 2019 and 2021. Those buildings, at 549 Fanshawe Park Road West, sold on March 18 to Canadian Apartment Properties REIT for $130m.
According to the latest Rental Market Statistics Summary by the Canada Mortgage and Housing Corp. from late last year, London had a vacancy rate of only 1.7%, with average rent sitting at $1,366.
Cameron Stephens manages capital on behalf of partners including many of Canada’s largest insurance companies, banks, pension funds, family offices, credit unions and individual investors.
