TORONTO, April 18,
2024 /CNW/ - Cameron
Stephens, a Canadian leader in commercial real estate debt
and equity capital, proudly announces the zoning approvals for two
projects located in highly desirable areas of Toronto. Together, they will add over 1,400
new units of much-needed housing to the city's supply.
CSEC, along with Westdale Properties, have partnered with
Originate Developments to bring these projects to life. A
fast-rising developer with a deep pipeline, Originate Developments
is known for its ambitious vision of Toronto's future and its meticulously crafted
residential developments that possess a genuine respect for the
communities around them.
The speed and execution of both projects highlight the
dedication to underwriting standards and commitment to community
development from all the partners.
Yonge & St. Clair
Development:
The Yonge & St. Clair development project has been zoned for
a 50-storey high-rise residential tower, promising to redefine the
city skyline. Located just 100 meters from the Yonge and St. Clair
TTC Station, the project capitalizes on the expanding
transit-oriented development trend in Toronto. This development exemplifies the
commitment to delivering exceptional housing units tailored to the
upscale market, resonating with investors, and positively
contributing to the community in which it's located.
"Bringing our vision to the community is an exhilarating
milestone. We're eager to introduce these housing units to the
market and be a part of the vibrant landscape of Yonge and St.
Clair with this marquee building," says Adam Sheffer, President, and Co-Founder of
Originate Developments, highlighting the excitement surrounding the
project's speedy zoning.
Jarvis & Earl
Development:
Similarly, the zoning approval for the Jarvis & Earl
development project signifies another major milestone. "We work
with stand-out partners, and Originate Developments and Westdale
Properties are no exception, and this is why the projects are
out-performing underwritten expectations," said Sean Fleming, Executive Vice President &
Managing Director at Cameron Stephens Equity Capital.
The Jarvis & Earl development has zoning approval secured
and plans for an impressive 58-storey structure underway,
overtaking the initial projection of 43 storeys. Positioned with
attractive price points, the Jarvis and Earl development promises
to offer a range of housing options catering to various market
segments.
"The Yonge & St. Clair development and the Jarvis & Earl
development strive to set the standard for execution and delivery
for Toronto housing. With
innovative designs in strategic locations, these projects exemplify
the dedication of the joint-venture partners to shaping the future
of urban living in Canada," says
Mitchell Cohen, COO of Westdale
Properties.
Cameron Stephens Equity Capital prides itself on fostering
strong relationships, offering flexible terms, and striving for
consistent returns. For more information about Cameron
Stephens Equity Capital and its projects, visit CameronStephens.com
or contact Sean Fleming, Executive
Vice President & Managing Director, Cameron Stephens Equity
Capital at sfleming@cameronstephens.com or (416) 591-8787
ext.252.
About Cameron Stephens
Established in 2004, Cameron Stephens Mortgage Capital (CSMC) is
a leading Canadian non-bank mortgage lender, pioneering innovative
financing solutions for developers in Ontario, Alberta, and British
Columbia.
With $3.8 billion in assets under
management, CSMC works to minimize risk for all stakeholders,
setting its developer partners up for success, while providing
sustainable, risk adjusted returns to its investors. CSMC's
exceptional underwriting and credit adjudication skills have
resulted in average net loan losses of only 0.11% annualized since
inception.
To complement its mortgage lending business, Cameron Stephens established Cameron Stephens
Equity Capital (CSEC) in 2020 to provide a new product offering to
developers while continuing to offer strong risk-adjusted returns
to its investors. CSEC now has five major projects in development,
with a combined $80 million of
committed capital and revenue of over $2
billion.
About Westdale
Properties
For more than 60 years, Westdale has owned, managed, and
developed real estate across Canada and the
United States. A family-owned company, Westdale is committed
to creating positive experiences for the tens of thousands of North
Americans who call our buildings home, and for those who work and
shop at our properties. This commitment extends to our partners,
suppliers, contractors, and our team of over 1,400 dedicated
employees. With a core business consisting of over 50,000
residential units in Ontario,
Quebec and 11 U.S. states,
Westdale continues to expand its portfolio to include over 4
million square feet of retail, office, industrial, food &
beverage, hotel, and resort properties on both sides of the border.
Westdale is also actively involved in a number of significant urban
residential developments across North
America, including projects in Toronto, Halifax, Kitchener, Atlanta, Dallas, and Miami.
About Originate
Developments
Originate Developments is an infill development firm that
reimagines underutilized space to create residential properties
that add to the personality of the neighbourhood and build towards
the city's ambitious future vision. Originate's guiding principle,
ingrained in their namesake, is a signature artisanal approach —
poring over every fine detail of their craft to bring you masterful
residential communities and living spaces with passion, precision,
and care.
SOURCE Cameron Stephens Mortgage Capital Ltd