Cameron Stephens Equity Capital Achieves Residential Zoning Milestones for Two Marquee Projects: 50-Storey Yonge & St. Clair and 58-Storey Jarvis & Earl
TORONTO, April 18, 2024 /CNW/ - Cameron Stephens, a Canadian leader in commercial real estate debt and equity capital, proudly announces the zoning approvals for two projects located in highly desirable areas of Toronto. Together, they will add over 1,400 new units of much-needed housing to the city's supply.
CSEC, along with Westdale Properties, have partnered with Originate Developments to bring these projects to life. A fast-rising developer with a deep pipeline, Originate Developments is known for its ambitious vision of Toronto's future and its meticulously crafted residential developments that possess a genuine respect for the communities around them.
The speed and execution of both projects highlight the dedication to underwriting standards and commitment to community development from all the partners.
The Yonge & St. Clair development project has been zoned for a 50-storey high-rise residential tower, promising to redefine the city skyline. Located just 100 meters from the Yonge and St. Clair TTC Station, the project capitalizes on the expanding transit-oriented development trend in Toronto. This development exemplifies the commitment to delivering exceptional housing units tailored to the upscale market, resonating with investors, and positively contributing to the community in which it's located.
"Bringing our vision to the community is an exhilarating milestone. We're eager to introduce these housing units to the market and be a part of the vibrant landscape of Yonge and St. Clair with this marquee building," says Adam Sheffer, President, and Co-Founder of Originate Developments, highlighting the excitement surrounding the project's speedy zoning.
Similarly, the zoning approval for the Jarvis & Earl development project signifies another major milestone. "We work with stand-out partners, and Originate Developments and Westdale Properties are no exception, and this is why the projects are out-performing underwritten expectations," said Sean Fleming, Executive Vice President & Managing Director at Cameron Stephens Equity Capital.
The Jarvis & Earl development has zoning approval secured and plans for an impressive 58-storey structure underway, overtaking the initial projection of 43 storeys. Positioned with attractive price points, the Jarvis and Earl development promises to offer a range of housing options catering to various market segments.
"The Yonge & St. Clair development and the Jarvis & Earl development strive to set the standard for execution and delivery for Toronto housing. With innovative designs in strategic locations, these projects exemplify the dedication of the joint-venture partners to shaping the future of urban living in Canada," says Mitchell Cohen, COO of Westdale Properties.
Cameron Stephens Equity Capital prides itself on fostering strong relationships, offering flexible terms, and striving for consistent returns. For more information about Cameron Stephens Equity Capital and its projects, visit CameronStephens.com or contact Sean Fleming, Executive Vice President & Managing Director, Cameron Stephens Equity Capital at [email protected] or (416) 591-8787 ext.252.
Established in 2004, Cameron Stephens Mortgage Capital (CSMC) is a leading Canadian non-bank mortgage lender, pioneering innovative financing solutions for developers in Ontario, Alberta, and British Columbia.
With $3.8 billion in assets under management, CSMC works to minimize risk for all stakeholders, setting its developer partners up for success, while providing sustainable, risk adjusted returns to its investors. CSMC's exceptional underwriting and credit adjudication skills have resulted in average net loan losses of only 0.11% annualized since inception.
To complement its mortgage lending business, Cameron Stephens established Cameron Stephens Equity Capital (CSEC) in 2020 to provide a new product offering to developers while continuing to offer strong risk-adjusted returns to its investors. CSEC now has five major projects in development, with a combined $80 million of committed capital and revenue of over $2 billion.
For more than 60 years, Westdale has owned, managed, and developed real estate across Canada and the United States. A family-owned company, Westdale is committed to creating positive experiences for the tens of thousands of North Americans who call our buildings home, and for those who work and shop at our properties. This commitment extends to our partners, suppliers, contractors, and our team of over 1,400 dedicated employees. With a core business consisting of over 50,000 residential units in Ontario, Quebec and 11 U.S. states, Westdale continues to expand its portfolio to include over 4 million square feet of retail, office, industrial, food & beverage, hotel, and resort properties on both sides of the border. Westdale is also actively involved in a number of significant urban residential developments across North America, including projects in Toronto, Halifax, Kitchener, Atlanta, Dallas, and Miami.
Originate Developments is an infill development firm that reimagines underutilized space to create residential properties that add to the personality of the neighbourhood and build towards the city's ambitious future vision. Originate's guiding principle, ingrained in their namesake, is a signature artisanal approach — poring over every fine detail of their craft to bring you masterful residential communities and living spaces with passion, precision, and care.
SOURCE Cameron Stephens Mortgage Capital Ltd
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