November 30, 2021
TORONTO, Nov. 30, 2021 /CNW/ – Trez Capital, a private real estate lender based in Vancouver, is providing more than $48 million in construction funding for a new condominium development in midtown Toronto.
The loan will support construction of a four-storey building totaling more than 57,000 square feet, with 36 units, and anchors Trez Capital’s strategic approach to developments in Eastern Canada.
“This is an exciting project for us as we expand our reach further into the Eastern Canadian market,” said Mike Fortier, Vice President Origination, Canada. “Operating out of our Vancouver and Toronto offices, the veteran loan origination team at Trez Capital is well-positioned to service the market across Canada. Between myself, Steve Commons, Eric Horie, Brian Marshall and Derek Wasson, we have combined experience of over 90 years in lending, banking and commercial real estate and we work closely with our credit group on a daily basis when structuring new financings. The strength and experience of the team at Trez Capital allow us to provide a solutions-based approach to lending, while still adhering to the institutional quality credit processes we employ.”
Located at Mount Pleasant and Eglinton, the project will feature 36 modern, high-end units ranging from 800 to 2,500 square feet. Each unit features a sprawling outdoor space with either a private terrace, backyard or rooftop.
“Toronto is a competitive market for condo development, so it’s important to provide a unique offering to the market,” said Peter Freed, CEO and Founder of Freed. “This building will ensure that residents have the chance to enjoy their own piece of the outdoors as well as living at a key intersection of midtown Toronto. We look for certain factors when we choose neighbourhoods and we’re excited about this area in particular. Trez is the perfect partner for this project because we have a similar vision in what we’re looking to create.”
“Freed is a strong partner for us in the Toronto market because they take a careful, calculated approach to what they develop and where,” said Fortier. “They’ve built their reputation on making smart choices, so there’s a natural fit with our firm’s values. With its great location and design, this project is a winner, and we are excited to be a part of it.”
The loan was originated by Trez Capital’s Fortier and Steve Commons, Vice President Origination, Canada.
Trez Capital provides short-term debt and equity financing typically between six and 36 months in term, and up to $100 million in loan value. Trez Capital is on pace to originate $2 billion in loans by the end of 2021.
About Trez Capital
Founded in 1997, Trez Capital is a diversified real estate investment firm and preeminent provider of commercial real estate debt financing solutions in Canada and the United States. Trez Capital offers private and institutional investors strategies to invest in a variety of opportunistic, fully secured, mortgage investment funds, syndication and joint-ventures and provides property developers and owners with quick approvals on flexible short- to mid-term financing.
With offices across North America, Trez Corporate Group has over $3.9* billion CAD in assets under management and has funded over 1,600 transactions totaling more than $13.5 billion CAD since inception. For more information, visit www.trezcapital.com. (*Trez Corporate Group AUM includes assets held by all Trez-related entities as well as $2.7 billion Manager AUM (Trez Capital Fund Management Limited Partnership)).
About Freed Developments
Freed was founded by Peter Freed over 25 years ago. Since its inception, it has grown to become one of the largest private developers operating in the City of Toronto. Freed has completed over 30 projects and has expanded to include key vertical operating divisions in construction management, real estate and hospitality, a lifestyle-experience hotel, resort, restaurant, and nightlife portfolio.