Carttera’s Portland Commons Project Receives Green Loan
National Bank of Canada and Otera Capital have provided Carttera with a green loan for its 560,000-square-foot Portland Commons office project in downtown Toronto.
Montreal-based National Bank served as lead syndicator for the loan, the lender announced. The World Bank defines a green loan as a form of financing that enables borrowers to make a substantial contribution to an environmental objective.
Like a green bond, a green loan raises capital for what the World Bank calls green-eligible projects. However, a green loan is usually smaller than a green bond, which may have higher transaction costs and could be listed on an exchange or privately placed.
National Bank and Otera did not disclose details of the Portland Commons financing.
Portland Commons is located at Front Street West and Portland Street in the King Street West neighbourhood. The development is designed to enhance employee wellness, technology and sustainability, and achieve LEED Zero Carbon, LEED Platinum and WELL Gold certifications.
Toronto-based Carttera expects to complete construction in 2024.
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.