Harbour Equity Successfully Closes First Four Investments in JV Development Fund V

TORONTO, June 24, 2021 /CNW/ - Harbour Equity Capital Corp. ("Harbour Equity") is pleased to announce that it has successfully closed the first four investments, with a fifth expected to close in early July, in Harbour Equity JV Development Fund V ("Fund V"), an $88.95 million private placement offering that closed earlier this year.

"We've seen some excellent opportunities since closing Fund V in February. We are really excited about the initial Fund V investments and are currently evaluating several other quality opportunities," said Harbour Equity President, Ari Silverberg. "We appreciate the continued support of our Fund V investors and are very grateful for long standing development partnerships we have been able to create since launching our first fund in 2013."  

Harbour Equity utilizes a variety of joint venture structures to invest in both ground-up development and value-add opportunities, either at the time of land acquisition or later in the development process, with the goal of providing its development partners with patient capital and flexibility to achieve maximum profitability. Harbour Equity is interested in opportunities across real estate asset classes in major markets throughout Canada.

Fund V has closed its first four investments, which include:

• $7,500,000 for a 50% interest in the acquisition, entitlement, sale and construction of a 250-unit 12-storey residential condominium development in Toronto, ON. The project is currently going through the entitlement process.
• $4,550,000 for a 50% interest in a 58-unit back-to-back townhouse development in Barrie, ON. 53 of 58 units have been sold and site servicing has commenced.
• $2,635,000 for a 50% interest in the acquisition, repositioning and sale of a 51-unit existing townhouse complex in Waterloo, ON. Renovations are underway.
• $6,662,500 for a 50% interest in the acquisition, entitlement, sale and construction of a 44-unit townhouse project in Toronto, ON.

An additional investment is expected to close in early July:

• $10,025,000 for a 50% interest in the construction, stabilization and sale of a 348-unit senior focused purpose-built rental building in Mirabel, QC. Construction is currently in progress.

Harbour Equity, a leading capital provider for developers in urban markets throughout Canada, has invested in a total of 56 developments since 2011, which on completion will comprise over $2.2 billion in real estate value, in a range of asset classes including for-sale and purpose-built rental residential, retail, office and industrial developments.

About Harbour Equity Capital Corp.
Harbour Equity provides equity capital to experienced real estate developers across Canada and is part of The Harbour Group, a multi-dimensional real estate investment platform. For more information, please visit our website at www.harbourequity.com or contact the following:

SOURCE Harbour Equity Capital Corp.

Ari Silverberg, President, Harbour Equity Capital Corp., [phone] x238 or 416-356-6252, [email protected]; Alan Winer, Principal, Harbour Equity Capital Corp., [phone], [email protected]; Josh Lerner, Senior Vice-President, Harbour Equity Capital Corp., [phone] x234 or 416-407-0661, [email protected]