- What Claria has received $119m of construction financing from the Royal Bank of Canada
- Why It will use the funds to build the 337-unit Astoria in Laval
- What next Groundbreaking is expected during the first week of November
The Royal Bank of Canada has provided $119m of debt to back the construction of a 13-storey rental residential tower in Laval, Que., Green Street News can reveal.
The borrower, Montréal-based developer Claria, will use the funds to build the 337-unit Astoria at the corner of Daniel-Johnson and du Souvenir Boulevards, in the Saint-Martin district. Groundbreaking is expected during the first week of November.
The project is expected to cost $131.4m, with a projected value at completion of $166m.
The Canada Mortgage and Housing Corp. MLI Select loan funded on Sept. 27. It runs five years with a 50-year amortization period. Levier Real Estate Agency brokered the financing.
The Astoria will have studio to three-bedroom units averaging 862 sq ft, with 193 standard and 144 luxury apartments. Amenities will include a pool, a gym, a spa and coworking stations. There will be 370 parking stalls.
Claria bought the 80,000 sq ft parcel in September 2021 for $9.3m. It’s along Saint-Martin Boulevard, close to the Montmorency Metro station. Highway 15 is less than a kilometre away via du Souvenir, and downtown Montréal is 15 km southeast.
