Three Canadian developers are set to close 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’s jointly owned West Side Square Development fund has received expressions of interest and commitments that in the aggregate are expected to achieve the maximum offering amount of US$50 million.

Canadian regulators have provided a receipt for a final prospectus. The offering is expected to close November 9, the fund operator announced in a news release.

“To my knowledge West Side Square Development Fund is the first IPO that was a single-project development in Canada,” Natalie Leibowitz, Altree’s senior manager of finance and investments, told Connect.

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.

Altree, Lanterra and Westdale secured a preliminary prospectus from Canadian regulators in September. Leibowitz said the offering was extremely successful.

“It’s my understanding that West Side Square Development Fund was one of the fastest fully subscribed real estate IPOs in Canada,” she said.

Altree, Lanterra affiliate Avenir Jersey Developments and Westdale are slated to retain an ownership interest in the project. The West Side Square Development fund will also own a stake.

Toronto-based CIBC World Markets is leading the unit offering.