TORONTO, June 1, 2022 /CNW/ – MCAP, Canada’s largest impartial Mortgage Finance Firm is happy to announce that it has organized $350 million in development and mezzanine financing for main metropolis builder in actual property growth and investments, Vandyk Properties for development of The Buckingham.
The Buckingham is the primary condominium to be constructed as a part of the Grand Central Mimico™ District – a transformational venture in South Etobicoke’s Mimico Triangle. This master-planned, transit-oriented neighborhood by Vandyk Properties includes over 2 million sq. toes of mixed-use growth spanning 4 metropolis blocks and anchored by over 1.85 million sq. toes of residential dwelling.
It is a vital financing venture for MCAP’s Toronto Improvement Finance Group (DFG), and additionally it is the biggest venture that Vandyk has ever undertaken.
“MCAP’s relationship with Vandyk Properties dates again greater than 25 years” stated Bruno Iacovetta, Managing Director, Improvement Finance Group – Toronto. “Over that interval, the corporate has grown from being a small low-rise developer to a significant mid and high-rise GTA developer. What John Vandyk and his staff have achieved in rising the corporate has been unimaginable. MCAP could be very proud to be concerned within the financing of this very excessive profile growth.”
“Now we have a longstanding relationship with MCAP,” stated John Vandyk, President and CEO of Vandyk Properties. “The corporate has turn out to be a trusted strategic accomplice, instrumental in Vandyk’s evolution all through the final 20 years. We’re thrilled to proceed our relationship with MCAP for our largest venture up to now – Grand Central Mimico, which is ready to utterly revitalize the Mimico Triangle.”
Made up of 751 condominium items, roughly 20,000 sq. toes of retail house, 30,000 sq. toes of workplace house, an city grocery retailer and eating places, The Buckingham options three towers, every with a non-public entrance and a safe foyer for residents and their friends.
Grand Central Mimico™ is deliberate to turn out to be a vibrant, all-inclusive and future-proof neighbourhood situated within the Mimico Triangle in South Etobicoke. The realm, which is acknowledged as a precedence “Regeneration Space” by the Metropolis of Toronto, is strategically positioned near lots of Toronto’s main arterials together with the Gardiner Expressway, The Queensway, and Lakeshore Boulevard.
As the bulk landowner within the space, Vandyk Properties is poised to create a cohesive, new city expertise. Grounded by Mimico GO station, Grand Central Mimico is meant to be a high-energy district characterised by connectivity, open public house, winding parks, and fashionable life-style facilities.
MCAP is Canada’s largest impartial Mortgage Finance Firm, managing over $145 billion of Canadian mortgages, and has been trusted by Canadians for over 35 years. MCAP originates, trades, securitizes and companies residential, development and industrial belongings, offering market-leading funding options and superior worth for debtors and buyers. MCAP’s Improvement Finance Group (DFG) presents personalized financing for Canadian builders and has been a key participant in over $15 billion in funded development commitments during the last 10 years alone. The depth of expertise available in the market allows MCAP to create options that meet the distinctive and diversified wants of their purchasers.
For extra details about MCAP’s Improvement Finance Group, go to MCAP.com/Improvement-Finance
About Vandyk Properties
Vandyk Properties is a privately owned actual property growth and funding administration firm with over 40 years of experience within the North American actual property property sector. As actual property growth specialists, Vandyk is dedicated to creating sustainable neighbourhoods, comprehensively contemplating every venture as a reinvestment throughout the neighborhood. As an funding administration firm, the corporate’s diversified actual property operations are focussed on strategic development; constructing long-term relationships with buyers whereas rigorously curating a first-class actual property portfolio representing one billion in accomplished worth creation and three billion in owned belongings underneath growth.
For extra details about Vandyk Properties, go to vandyk.com
SOURCE MCAP Monetary Company
For additional info: MCAP Media, [email protected]