National Bank issues green loan for Toronto condo project
National Bank has granted a green loan to Capital Developments for the construction of a residential condominium building Toronto.
The project, which is currently underway, has been designed with sustainable development in mind.
Located at 36 Olive Avenue, south-east of Yonge and Finch in Toronto's North York neighbourhood, Olive Residences will feature 29 floors and 350 condo units.
The project is being developed by Capital Developments and is scheduled to be delivered in 2025. Olive Residences is pursuing LEED Gold certification.
The loan granted to the Olive Residences project is aligned with the Green Loan Principles published by the Loan Market Association in February 2023.
"We're proud to support Capital Developments in carrying out this project, which allows us to again showcase the expertise of the National Bank Real Estate Group and of our dedicated sustainable financing teams," said René Demers, Senior Vice-President – Commercial and Private Banking, Real Estate at National Bank. “The Olive Residences project demonstrates that, with support from our ESG specialists, a skilled, innovative approach can reconcile economic development with the ecological transition.”
"This project will be infilling an industrial site directly adjacent to first-order transit, which allows us to materially reduce parking and encourage mass transit," said Carlo Timpano, President of Capital Developments. “Beyond that, in addition to meeting the Toronto Green Standards we are, among other things: conducting enhanced commissioning of glazing and mechanical systems to ensure the building operates to its low-energy specifications, seeking certifications for many key raw materials, and installing on-site pollination (beehives).”
Capital Developments focuses on building high-rise condominium and multi-family developments in transit-oriented locations. The company has delivered 2,500 units in the past 5 years alone, has over 2,000 units in active construction, and a pipeline of 2,500 others.