- What The roughly $300m loan closed in late September
- Why Part of the proceeds were used to pay off a construction loan
- What next The luxury residential tower is part of a broader development dubbed the Well
Peakhill Capital has provided approximately $300m of CMHC-insured debt backed by a new 46-storey luxury rental tower in downtown Toronto, Green Street News can reveal.
The 592-unit, purpose-built rental tower, dubbed FourFifty the Well, has an estimated value of $430m, or $726,000/unit. It’s owned by RioCan Living in partnership with Woodbourne.
The 10-year loan bears interest at around 4% per year, with a 40-year amortization schedule. It funded in late September. RioCan and Woodbourne used some of the proceeds to pay off about $220m of construction debt from TD Bank.
FourFifty the Well, at 450 Front Street, is close to the TTC’s King and Spadina subway stations. The property is just over a kilometre from Union Station and 500 metres from the Gardiner Expressway.
Amenities include a cafe, a gym, a terrace, a dog park, a billiards room and a large dining room.
The tower is part of the Well, a 7.8-acre mixed-use project comprising 3 million sq ft across seven multi-use buildings. The development is a joint venture between RioCan REIT and Allied Properties REIT.
Woodbourne owns two of the other residential rental buildings, totalling 330 units. Tridel is developing three condominium buildings and a 38-storey office tower with 1.2m sq ft of office space. The Well also has approximately 320,000 sq ft of retail space.
The buildings are connected by a three-storey podium.
