Bloor Street is one of the defining urban streets in Toronto: a historic, east-west line that’s shaped the city's character for generations. Now a key intersection along that corridor is undergoing a major transformation.
At the bustling intersection of Bloor Street West and Dufferin Avenue, Hazelview Investments and Fitzrovia are building a new residential community at a scale we have yet to see built in the Toronto purpose built rental market. When completed, “Bloor & Dufferin” will provide over 2000 new purpose-built rental units with integrated-in community and commercial amenities, delivering much needed sustainable and inclusive housing right in the heart of the city.
We worked with Hazelview to provide the construction financing for their first two residential towers of this master-planned block (consisting of 856 units spread across two towers). This financing milestone included securing Hazelview with one of the largest and most complex CMHC-insured loans ever issued under the MLI Select program.
Hazelview sought our expertise due to our deep experience and nuanced understanding of CMHC requirements. Given the scale and complexity of this new development, we collaborated on a tailored financing approach, ensuring transparency with every aspect of the deal and throughout each step of the process.
CMHC financing for a new kind of apartment rental apartment community
“Bloor & Dufferin” won’t just feel like an apartment block, it will feel like its own village within the city. The vertical master plan for “Bloor & Dufferin” includes a robust community benefits package including a new city-owned community hub and daycare on the first two floors of a former school building, a new public park and 56 affordable rental units which will be owned and operated by the city.
Given the prime location on the Bloor-Danforth subway line, community residents will also benefit from new direct access via an underground pedestrian connection to the Dufferin TTC subway station as well as a new bus-accessible public road for convenient and safe access to public transit options at their doorstep. New retail and office spaces to service the community are also being developed for this block as part of the broader master plan.
Developments of this scale and density are rare in the purpose-built rental market. This one, however, isn’t just big. It’s ambitious and is completely redefining apartment living in Toronto with how it integrates with a larger community right at its doorstep.
Due to its scale and complexity, we took a very nuanced approach to how we structured the financing strategy. We also developed a customized proposal that unpacked the multiple layers of Hazelview’s strategy for “Bloor & Dufferin” with their uniquely integrated investment and development platform.
Our proposal to CMHC for this development also came at a pivotal time, as CMHC has moved towards tightening their requirements to favour projects that promote sustainability and accessibility. With accessibility and sustainability at the forefront, Hazelview’s application also earned them extra bonus points with CMHC for qualifying for both the energy efficiency and accessibility categories of the MLI Select program, including the maximum 100-point for energy efficiency incentive.
Building a lasting legacy for Toronto and its residents
Hazelview’s holistic approach to urban apartment development with “Bloor & Dufferin” will help ensure long-term social value for the community who will live there and beyond. It is an extraordinary investment for Toronto and its residents, and it specifically comes during a time when there is a pressing need for high-quality rental housing in the city’s core.
This project is a powerful example of what’s possible when government incentives and private sector align thoughtfully to unlock new creative opportunities for city building. As financing partners, we are extremely proud to work with developers on legacy projects, helping ensure bold visions can come to life with the utmost value for both communities and investors.
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