Canada CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

Sub Markets

Property Sectors


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

Canadian Developers Raising Capital for New York-Area Apartment Project

Three Canadian developers are teaming up to construct a 477-unit apartment project in the New York City area.

Toronto-based Altree Developments, Lanterra Developments and Westdale Construction plan to develop the rental apartment building at 66 Broadway in Jersey City, N.J., located across the Hudson River from Manhattan. The development is slated to include 9,800 square feet of commercial space.

The West Side fund, a new unincorporated investment trust, has been created to raise project capital. A preliminary prospectus has been filed with each Canadian province for a proposed initial public offering. The preliminary prospectus qualifies West Side to distribute US$25 million to US$50 million in units, the developers announced in a news release.

If the IPO goes as planned, Altree, Lanterra affiliate Avenir Jersey Developments and Westdale will retain an ownership interest in the project. The West Side fund will also own a stake.

Toronto-based CIBC World Markets will lead the unit offering.


Inside The Story

Altree DevelopmentsMonte Stewart

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.

  • ◦Development
  • ◦Financing
New call-to-action
New call-to-action