MCAP Arranges Financing of $350 million For Phase One of Grand Central Mimico™ by Vandyk Properties
TORONTO, June 1, 2022 /CNW/ - MCAP, Canada's largest independent Mortgage Finance Company is pleased to announce that it has arranged $350 million in construction and mezzanine financing for leading city builder in real estate development and investments, Vandyk Properties for construction of The Buckingham.
The Buckingham is the first condominium to be constructed as part of the Grand Central Mimico™ District – a transformational project in South Etobicoke's Mimico Triangle. This master-planned, transit-oriented community by Vandyk Properties comprises over 2 million square feet of mixed-use development spanning four city blocks and anchored by over 1.85 million square feet of residential living.
This is a significant financing project for MCAP's Toronto Development Finance Group (DFG), and it is also the largest project that Vandyk has ever undertaken.
"MCAP's relationship with Vandyk Properties dates back more than 25 years" said Bruno Iacovetta, Managing Director, Development Finance Group – Toronto. "Over that period, the company has grown from being a small low-rise developer to a major mid and high-rise GTA developer. What John Vandyk and his team have accomplished in growing the company has been incredible. MCAP is very proud to be involved in the financing of this very high profile development."
"We have a longstanding relationship with MCAP," said John Vandyk, President and CEO of Vandyk Properties. "The company has become a trusted strategic partner, instrumental in Vandyk's evolution throughout the last two decades. We're thrilled to continue our relationship with MCAP for our largest project to date - Grand Central Mimico, which is set to completely revitalize the Mimico Triangle."
Made up of 751 condominium units, approximately 20,000 square feet of retail space, 30,000 square feet of office space, an urban grocery store and restaurants, The Buckingham features three towers, each with a private entrance and a secure lobby for residents and their guests.
Grand Central Mimico™ is planned to become a vibrant, all-inclusive and future-proof neighbourhood located in the Mimico Triangle in South Etobicoke. The area, which is recognized as a priority "Regeneration Area" by the City of Toronto, is strategically positioned close to many of Toronto's major arterials including the Gardiner Expressway, The Queensway, and Lakeshore Boulevard.
As the majority landowner in the area, Vandyk Properties is poised to create a cohesive, new urban experience. Grounded by Mimico GO station, Grand Central Mimico is intended to be a high-energy district characterized by connectivity, open public space, winding parks, and modern lifestyle amenities.
MCAP is Canada's largest independent Mortgage Finance Company, managing over $145 billion of Canadian mortgages, and has been trusted by Canadians for over 35 years. MCAP originates, trades, securitizes and services residential, construction and commercial assets, providing market-leading funding solutions and superior value for borrowers and investors. MCAP's Development Finance Group (DFG) offers customized financing for Canadian developers and has been a key player in over $15 billion in funded construction commitments over the last 10 years alone. The depth of experience in the market enables MCAP to create solutions that meet the unique and varied needs of their clients.
For more information about MCAP's Development Finance Group, visit MCAP.com/Development-Finance
Vandyk Properties is a privately owned real estate development and investment management company with over 40 years of expertise in the North American real estate property sector. As real estate development experts, Vandyk is committed to creating sustainable neighbourhoods, comprehensively considering each project as a reinvestment within the community. As an investment management company, the company's diversified real estate operations are focussed on strategic growth; building long-term relationships with investors while carefully curating a first-class real estate portfolio representing one billion in completed value creation and three billion in owned assets under development.
For more information about Vandyk Properties, visit vandyk.com
SOURCE MCAP Financial Corporation
MCAP Media, [email protected]
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