Three Canadian firms have secured a US$169.4M construction loan for a 477-unit apartment development project in the New York City area.

Toronto-based Altree Developments, Lanterra Developments and Westdale Construction’s West Side Square Development Fund secured the loan through its nominee entity, Avenir West Side Square LLC.

The partners announced the loan agreement in a news release Monday.

The loan was obtained from lenders BPT WSS Funding LLC, Lexington Funding LLC, Lexington Marion LLC, Lexington S13 Marion LLC, BPSJ Marion LLC, BPSJ Marion S13, and BPSJ Marion  LLC and BPT WSS Funding LLC in its capacity as administrative agent for the lenders.

The partners secured the loan after the West Side Square Development Fund previously raised the maximum of US$50 million through an initial public offering.

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.

The trust, through Avenir, has also entered into a development management agreement with Lantree and Altree, with the two firms acting jointly as the project’s development manager.

CIBC World Markets let the IPO, which is believed to be one of the first Canadian such venture involving a single development project.