Article
CBRE Capital Closes on its First-Ever Term Loan in Canada
February 12, 2025 3 Minute Read
CBRE Capital (Canada) Inc. has issued its first-ever term loan to fund a housing project in Brockville, ON.
The client, a not-for-profit developer, had faced difficulties getting construction funding for rent-geared-to-income housing. The various levels of government and the agencies that are supposed to be addressing the Canadian housing crisis weren’t coming through.
“CBRE was able to step in and directly finance this project and support a local not-for-profit to develop modern, sustainable, affordable housing,” says Christos Panagiotakos, the lead broker on the file and CBRE Ottawa's practice lead for CBRE Capital, which became a CMHC-approved lender two years ago. “This is a milestone moment for CBRE Capital. We are in the game and already making a difference."
St. Vincent Apartments is an 88-unit affordable housing project for seniors at 42 Garden St. in Brockville. The development, on the site of the former St. Vincent de Paul Hospital, is being carried out in phases.
“I think it is pretty special that a private mortgage company stepped up and did what both federal and provincial government agencies would not or could not do,” says Bruce Hynes, chairman of the Marguerita Residence Corp., a non-profit corporation. “We are grateful for the help we got from CBRE Capital.”
Decades of Experience
CBRE Capital is the first Canadian brokerage firm to be a Canada Mortgage and Housing Corp.-approved lender, for the purposes of underwriting, lending and servicing of insured properties of five-plus units across Canada. It had $5.1 billion in arranged debt via 45 lending sources and 250 transactions in 2024.
CBRE Capital works directly with multifamily owners and developers, submitting applications directly to CMHC for mortgage loan insurance. The firm deals with a variety of client groups, including REITs, pension funds, private equity firms, mid-size developers and family offices across all major property types.
“Our national team, with specialization in office, industrial, multifamily, hotel and retail property financing, has decades of experience in working with CMHC on new construction, purchase, refinance, retrofit and renewal applications,” says Jeffrey Hurley, Chief Operating Officer, CBRE Capital (Canada) Inc.
“We can execute best-in-class financing solutions, leveraging in-depth expertise, market intelligence and global capital relationships to help our clients achieve their business goals and better their bottom lines.”
Good Story
In the case of the St. Vincent Apartments project in Brockville, CBRE Capital was able to arrange a market loan (versus one specifically designed for affordable housing projects) that gave the developer various options not possible via a not-for-profit loan, and which left them with additional funds to move forward on the second phase of the project.
“It’s a good story of CBRE Capital being creative in finding a solution in a tricky situation and deliver optimal financing for the client,” says Hurley. “It just goes to show that we are the CMHC-insured loan specialists and understand the programs better than anyone else.”
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