Cameron Stephens Equity Capital announces acquisition and partnership on new condo tower at Yonge and St. Clair with Originate Developments and Westdale Properties
TORONTO, Aug. 16, 2023 /CNW/ - Cameron Stephens Equity Capital has partnered with Originate Developments and Westdale Properties on another significant high-rise condo development in Toronto. Ideally located at the summit of Yonge just south of St. Clair, the team is proposing a striking 50-storey addition to the neighbourhood. With a six-storey podium clad in distinctive warm brick and brown-tinted glazing, the new tower will provide a welcoming presence at street level while adding 655 units of much-needed new housing to the city's supply.
As Cameron Stephens Equity Capital's latest major condo development, the Yonge & Rosehill project sits on a half-acre site in what is quickly becoming Toronto's most prized condominium neighbourhood. A proposal was submitted to the City in May and the land acquisition officially closed in July.
To date, Cameron Stephens' growing Equity Capital business has invested in five projects, including an industrial site along the 401, and two other condo projects alongside Originate and Westdale Properties located in North York and downtown Toronto. With the Yonge & Rosehill partnership, the firm's Equity Capital arm now has over 2,100 total residential units under development.
"We continue to leverage the expertise and experience of our advisory board to make excellent decisions when it comes to site selection and partnerships. We're excited to announce a third deal with Originate and Westdale as we build the pipeline of residential units in our Equity Capital line of business," says Steve Cameron, Executive Vice President of Cameron Stephens Mortgage Capital.
Established in 2004 by former MCAP President Scott Cameron, Cameron Stephens Mortgage Capital Ltd. entered the market as a boutique firm offering its developer clients commercial mortgages, with a focus on residential land, development, and construction loans, and a range of other financing solutions. Scott was joined by his son Steve Cameron in 2011 and the firm continued to expand its portfolio. Today, with Scott as Chairman and CEO and Steve as Executive Vice President, the firm recently surpassed $3.2 billion CAD assets under management and is engaged in valued relationships with 25 institutional partners across Canada.
After entering the equity capital space in 2020 through its subsidiary Cameron Stephens Equity Capital, Scott and Steve Cameron tapped experienced developer Sean Fleming to lead the subsidiary as Managing Director. Steve Cameron and Sean Fleming saw tremendous potential in nurturing a partnership with Originate Developments and its Founders Adam Sheffer and Darryl Firsten. In 2022, along with Westdale Properties, the three groups proposed a two-tower residential development that would see 123 Wynford Drive in North York redeveloped. Last summer, the trio also proposed a 58-storey, mixed-use development on Jarvis Street between Wellesley Street East and Bloor Street East.
To support the advancement of the Yonge and St. Clair proposal, Cameron Stephens Equity Capital leaned on its seasoned advisory board — an instrumental element of its rigorous deal evaluation and nimble capital deployment processes — as well as its strong existing relationships with Originate Developments and Westdale Properties.
"Cameron Stephens Equity Capital have been a valuable partner, allowing Originate Developments to deliver on our mission of building better housing guided by exceptionally high standards. Now, along with Westdale Properties, we are well-positioned to bring another 655 new housing units to Yonge and St. Clair," says Adam Sheffer, President and Co-Founder of Originate Developments.
With $1.9 billion of total project revenue and a substantial pipeline of new units already coming to market across multiple projects, the Cameron Stephens Equity Capital team now plan on further expanding their portfolio through new partnerships and site acquisitions.
For more information, please visit cameronstephens.com
As a complement to its mortgage lending business, Cameron Stephens Mortgage Capital started Cameron Stephens Equity Capital in 2020 to provide a new product offering to its developer clients, while continuing to offer strong risk-adjusted returns to its investors. The equity team is focused on attracting and supporting best-in-class development partners while delivering market-leading returns for investors. The team is comprised of highly specialized individuals with deep relationships and expertise in the development industry. To date, Cameron Stephens Equity Capital has $78.5 million of committed equity capital with 2,116 total residential units and 1.77 million square feet of area under development.
SOURCE Cameron Stephens Equity Capital
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