On October 1, 2019, Canada Mortgage and Housing Corporation (“CMHC”), in connection with CMHC’s Rental Construction Financing Initiative provided first mortgage construction financing to subsidiaries of Dream Unlimited Corp. and Dream Hard Asset Alternatives Trust; Kilmer; and Tricon Capital Group Inc. in the amount of $400 million. The financing will be used to facilitate the development and construction of a 761 unit rental housing project located in Toronto.
The subject lands are comprised of five development sites in the West Don Lands totaling nine acres surrounding the intersection of Cherry and Mill Streets in Toronto’s downtown east district and will form an integral part of the ongoing revitalization and transformation of the east end.
Dream is one of Canada’s leading real estate companies with approximately $14 billion of assets under management in North America and Europe. Dream Alternatives provides an opportunity for unitholders to invest in hard asset alternative investments, including real estate development, managed by an experienced team with a successful track record in these areas.
Kilmer Van Nostrand Co. Limited (“Kilmer”) is the private investment holding company of Canadian business leader and philanthropist, Larry Tanenbaum O.C.
Tricon Capital is a residential real estate company primarily focused on rental housing in North America. Tricon Capital invests in a portfolio of single-family rental homes, multi-family rental homes and for-sale housing assets, and manages third-party capital in connection with investments.
Osler, Hoskin & Harcourt LLP advised Dream Unlimited Corp. and Dream Hard Asset Alternatives Trust; Kilmer; and Tricon Capital Group Inc. with a team led by Stella DiCresce and including Eric Choi (Real Estate).