Hazelview Investments has secured one of the largest CMHC-insured construction loans ever issued under the MLI Select program for a purpose-built rental (PBR) apartment project, the company said Thursday.

The firm did not specify the amount of the loan. The funds will enable the development of 856 multi-family units in Toronto at the corner of Bloor Street West and Dufferin Avenue.

Hazelview said the loan, provided by First National Financial, supports the company’s commitment to sustainable, inclusive urban development and reflects the firm’s strategic alignment with federal housing priorities

“Securing this financing reflects our belief that doing the right thing for communities also delivers long-term value for investors,” said Michael Williams, head of development at Hazelview. “The scale and structure of this loan allow us to move forward confidently with a project that meets high standards for livability, sustainability, and financial performance.”

Hazelview’s project surpassed MLI Select’s maximum benefits threshold, earning 120 points by exceeding criteria in both energy efficiency and accessibility. The development achieved about a 40% improvement over the 2017 National Energy Code for Buildings and received Rick Hansen Foundation Level 1 certification, ensuring 100% of the units are visitable and all common areas are barrier-free.

As part of a broader master-planned community, the project includes a $79.8 million community benefits package featuring:

• A city-owned community hub and daycare in the historic Kent School building;
• An eight-storey, 56-unit affordable rental building to be conveyed to the city;
• A new public park and a TTC-connected underground pedestrian link; and,
• A new public road designed with bus accessibility

“Hazelview’s vision for this landmark corner of Bloor Street West and Dufferin Avenue helps raise the standard for apartment living in our city,” said Barry Gidney, assistant vice-president of First National’s commercial business.

“They are helping create a true vertical neighbourhood, that is accessible, sustainable, and family-oriented.”

Hazelview is a Toronto-based commercial real estate owner, investor and manager.

Pictured: Hazelview’s future purpose-built rental apartment project at the corner of Bloor Street West and Dufferin Avenue in Toronto.

Rendering: Courtesy of Hazelview

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