To address a shortage of on-campus housing, York University issued a RFP for a new on-campus mixed-use student housing development. The 311,000 sq. ft. project encompasses a pair of six-storey towers, 812-beds and retail at grade. The winning proponent was a consortium made up of Forum Equity Partners, a leading Canadian infrastructure development and investment firm and Campus Suites, an international student housing development company. The partnership is tasked to design, build, finance, maintain and operate the new community.
“The QUAD,” which is under construction and expected to open in September 2017, posed a challenge to lenders given the complex land-lease and speculative nature of the development.
Working with the senior lender, KingSett was able to offer a unique solution to mitigate complexities of the loan and provide mezzanine financing through a $15.45 million second mortgage.