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Canada  + Cross Border News + Ontario  + Apartments  | 
Three Canadian developers plan to build a large apartment building in Jersey City.

Canadian Developers Complete NYC-Area Apartment Project IPO

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.


Inside The Story

Altree DevelopmentsCIBC World Markets

About Monte Stewart

Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate. Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s. In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star. Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.

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