Three Canadian developers have completed an IPO tied to a 477-unit apartment development project in the New York City area.

Toronto-based Altree Developments, Lanterra Developments and Westdale Construction closed on the offering through their jointly owned West Side Square Development Fund. The IPO was completed at prices of US$10 per unit and C$10 per unit, based on different unit classes and achieved its maximum offering amount of US$50 million, the fund  announced Thursday in a news release.

The West Side Square project is located at 66 Broadway in Jersey City, N.J., across the Hudson River from Manhattan. The development will include 9,800 square feet of commercial space.

Investors provided sufficient expressions of interest in October. The fund secured a preliminary prospectus from Canadian regulators in September.

Altree, Lanterra affiliate Avenir Jersey Developments and Westdale retained an ownership interest in the project. The West Side Square Development Fund will also own a stake.

Toronto-based CIBC World Markets led the unit offering.