- What Otéra Capital is providing a $138.6m loan for the redevelopment of 2601 Jarry Street East
- Why Groupe HD, Kastello and CPD plan to build 380 units, 20,000 sq ft of retail
- What next Construction Praxis to break ground later this year
Otéra Capital has originated a $138.6m loan at a 25% interest rate to finance the redevelopment of 2601 Jarry Street East in Montréal’s Saint-Michel district, Green Street News can reveal.
Groupe HD, Kastello Immobilier and CPD Immobilier acquired the 260,000 sq ft site for $23.5m on June 13 and peg the development cost at $150m. The deal and Otéra’s loan were announced on Monday, but without pricing details.
Plans call for a mixed-use, multi-building complex with 380 rental units, including nearly 40 affordable homes, and over 20,000 sq ft of ground-floor retail. Construction Praxis, Groupe HD’s building division, will lead the construction, with NEUF Architect(e)s on design. Construction is set to begin this year.
The project would be the latest amid ongoing revitalization efforts and strong demand for quality rental housing in the area. Located near Frédéric-Back Park, Cirque du Soleil’s headquarters and the Saint-Michel Metro station, the site offers excellent transit, retail and service access.
“This project is about providing sustainable housing that matches how Saint-Michel is evolving,” said Thomas Dufour, co-president at Groupe HD. “Kastello is proud to help deliver quality and affordable homes in a changing neighbourhood,” said Mathieu Collette, VP at Kastello Immobilier. Alexandra Kau, president at CPD Immobilier, called it “a milestone for our commitment to human-scale communities.”
Groupe HD, a Québec-focused company with its headquarters in Montréal, manages over $3bn in assets and more than 7,000 units delivered or underway. Kastello, founded by the Fortin family from Québec, specializes in long-term multi-residential investment. CPD, active for more than 40 years, manages commercial and residential assets in Montréal, Ottawa, and Toronto. The company operates out of Pointe-Claire, Qué.
