- What Emblem has notched a loan to carry out construction of its Design District condominium project
- Why Kingsett Capital provided the mezz facility while the first mortgage was a syndicate led by KingSett
- What next The project is slated for completion in early 2027
Emblem Developments has notched a $382m loan to carry out construction of the Design District condominiums in Hamilton, Green Street News can reveal.
The loan, which covers the entire project, was structured as a first mortgage and mezzanine facility amounting to a 70% loan-to-cost ratio. The first advance of the mezzanine facility took place in December, while the first advance of the first mortgage took place in early April.
KingSett Capital provided the mezz facility while the first mortgage was a syndicate led by KingSett Capital. Oakbank Capital acted as the mortgage broker on this transaction.
The project’s 931 residential units will be spread over three 31-storey towers at 41 Wilson Street. The units will range from studios to three-bedroom suites. Over 19,000 sq ft of amenities will include an outdoor pool, a fitness centre, a yoga studio, co-working space, an outdoor bar and lounge, and a 24-hour concierge.
The project is slated for completion in early 2027.
Centrally located in downtown Hamilton, the Design District is less than 1 km to the West Harbour GO train station, Hamilton’s planned light-rail transit line and the city’s entertainment district. Highway 403 is 2 km away.
Emblem is a real estate development company with a focus on high-rise residential buildings. Its development portfolio comprises over 4,500 residences representing $3.6bn of development value. Kash Pashootan is the founder and chief executive.
