- What One Urban secured a construction loan for a purpose-built rental project
- Why The nine-storey building will contain 262 units
- What next The project is expected to be completed in 2027
One Urban Developments has secured a $123m construction loan for a purpose-built rental building in Barrie, Ont., Green Street News can reveal.
The lender was Caisse Desjardins Ontario. The CMHC-insured MLI Select loan was brokered by Oakbank Capital and funded on Oct. 17. The builder is GCL Builds.
The nine-storey project, at 440 Essa Road, will contain 262 units, of which 39 will be affordable. Dubbed 440 ESSA, the building is expected to be completed in the middle of 2027.
The project has an estimated price of $132.3m, pegging the loan-to-cost ratio at 94.2%. The project value of about $150m puts the loan-to-value ratio at 82%.
Amenities are slated to include coworking spaces, a fitness studio, social rooms and a rooftop terrace. The building will also have almost 10,000 sq ft of ground-floor commercial space.
One Urban is a private, Toronto-based real estate development company founded in 2016.
Barrie is 80 km north of Toronto.
