- What Manga Hotel Group notched a $130m loan to start construction in Dartmouth, N.S.
- Why It will fund the first of three towers Manga has planned for the site
- What next Completion of the first phase is expected around mid-2027
Manga Hotel Group has notched a $130m loan to carry out the first phase of construction for its purpose-built rental project in Dartmouth, N.S., Green Street News can reveal.
First National Financial LP was the lender. The loan-to-cost ratio was 82% for the Canada Mortgage and Housing Corp. MLI Select loan, which closed on Jan. 30.
The proceeds will cover building costs for the first of three high-rise towers to be built at 20 Best Street. The first tower will reach 33 storeys and the two future towers could be upward of 40 storeys.
Construction on the first tower has started and completion is expected around mid-2027. The first building will have 348 rental units, while the entirety of the project will comprise over 1,100 units once complete. All three towers will overlook Halifax Harbour.
“We’re very excited to start the first of three towers for this iconic building complex comprising 1,100 units, which will add to the cityscape of downtown Dartmouth. Overlooking the harbour with views of downtown Halifax, this will bring much needed accommodation to HRM with an upscale residential community,” Sukhdev Toor, founder and CEO and of Manga Hotel Group, told Green Street News.
Manga Hotel Group owns and operates almost three dozen hotels with over 6,000 rooms and an additional 1,250 rooms in the pipeline. The company’s portfolio also includes seven high-rise purpose-built rental developments comprising over 4,000 units, 2,200 low-rise houses in the pipeline, 18 food and beverage outlets and nine airport parking sites.
Last month, Green Street News revealed Manga Hotel Group purchased a distressed high-rise development site in Brampton, Ont., for $17.6m. The site, at 253 Queen Street East, is approved for a three-tower development with 1,026 residential units as well as office and retail space.
