Name
High Art Rental and Affordable Housing Initiative
Sector
Affordable Housing
Location
Greater Toronto Area (GTA)
Participation
BOF enabled the project as an anchor investor through the contribution of up to $300 million in mezzanine debt and nominal equity
Sponsors
High Art Capital LP
Service Providers
Del Condominium Rentals Inc., a member of the Tridel Group of Companies, Menkes Condominium Rentals
BOF is joining forces with High Art Capital LP to deliver an innovative solution to the GTA’s housing challenges.
BOF will provide up to $300 million in investment capital to enable a fund to be capitalized with a minimum of $1.3 billion. The fund will purchase and aggregate blocs of unsold condo units across the GTA. This initiative will free up developer and lender capital to encourage new housing starts while catalyzing the creation of affordable rental housing units aimed at the GTA workforce, in the near term.
This project is unprecedented at this scale in the GTA. Together, this partnership seeks to convert approximately 2,200 unsold condominium units into available rental housing in the near-term, including approximately 550 affordable housing units, intended to be secured in perpetuity.
