- What Core Development received a loan for its midrise development on Queen Street East
- Why The loan-to-cost ratio is 71%
- What next When completed, the 10-storey building will have 145 units
Core Development has notched a $75m conventional construction loan for its midrise residential project on Queen Street East in Toronto, Green Street News can reveal.
Canada Life provided the noninsured building loan, which was funded on April 8. Oakbank Capital was the mortgage broker. The loan-to-cost ratio is 71%.
When completed, the 10-storey development will have 145 units, including 85 studios, 18 three-bedroom apartments and 39 four-bedroom units. There also will be a one-bedroom plus den and a two bedroom.
The total residential floor area is just over 108,000 sq ft, with another 3,800 sq ft of commercial space. Some space on the ninth and 10th stories has been earmarked for indoor and outdoor amenities, according to architectural plans.
The roughly 0.75-acre site is at 1233 Queen Street East, along the Queen Street East streetcar route. It’s within 2 km of Woodbine Beach Park, Leslie Lookout Park and Toronto’s Port Lands.
On Feb. 27, the city conditionally recommended approval of the Site Plan Control application.
