- What $11m of debt was refinanced for a Forest Hill development
- Why The refinance came after the property received zoning approval from the city
- What next Construction is planned to be finished by the end of 2028
DealCore Properties and Cranson Capital have refinanced their assembled development site in the Forest Hill neighbourhood of Toronto, Green Street News can reveal.
Harlo Financial provided an $11m loan to the project, which is secured against the roughly 16,000 sq ft parcel of land. Balmoral Capital was the debt advisor. The refinance came after the property received zoning approval from the City of Toronto.
The planned development at 1-19 Thelma Avenue will comprise a seven-storey building with 24 luxury units in what is considered a sought-after neighbourhood. Pre-sales could start in Q3, with construction potentially beginning in Q4, depending on sales. The current plan is to be finished by the end of 2028.
The parcel, on the south side of Thelma Avenue, near the intersection of Thelma Avenue and Spadina Road, is surrounded by residential buildings and is adjacent to the commercial corridor along Spadina Road.
The mid-rise property will exclusively have three-bedroom units, ranging in size from about 1,900 sq ft to approximately 3,000 sq ft. The building will be serviced by two elevators.
St. Clair West TTC Subway Station is under a kilometre away, as is the TTC streetcar system along St. Clair Avenue West. Bishop Strachan School, a private girls’ school, Sir Winston Churchill Park and St. Michael’s College School are also under a kilometre from the property.
DealCore Properties is a Toronto-based real estate developer focused on transforming underutilized urban sites into thoughtfully designed, high-impact projects.
Cranson Capital is a boutique investment banking firm specializing in Canadian private equity real estate.
