Hazelview Investments Secures One of the Largest CMHC Loans to Deliver 856 Purpose-Built Rental Homes in Toronto's West End
TORONTO, May 8, 2025 /CNW/ - Hazelview Investments has secured one of the largest CMHC-insured loans ever issued under the MLI Select program. The funding will advance the development of 856 new purpose-built rental homes in one of Toronto's most ambitious and community-oriented master-planned sites, located at the intersection of Bloor St. West and Dufferin Ave. Financing for this construction loan was provided by First National Financial LP.
This financing reflects Hazelview's disciplined approach to capital structuring. By aligning our development strategy with housing priorities at every level, we are able to access high-quality financing solutions that enhance project performance and reduce long-term risk. This CMHC-insured loan is a clear example of how thoughtful engagement with government programs can unlock value for both investors and communities.
"Securing this financing reflects our belief that doing the right thing for communities also delivers long-term value for investors," said Michael Williams, Head of Development at Hazelview Investments. "The scale and structure of this loan allow us to move forward confidently with a project that meets high standards for livability, sustainability, and financial performance."
Exceeding MLI Select Requirements
Hazelview's application to CMHC qualified under both the energy efficiency and accessibility categories of the MLI Select program. The development surpassed baseline requirements, resulting in a total of 120 points, above the program's maximum benefits threshold.
Energy Efficiency
The project earned the full 100-point energy efficiency incentive by achieving ~40 percent improvement over the National Energy Code for Buildings (2017), driving meaningful reductions in both energy consumption and greenhouse gas emissions, while also providing enhanced indoor comfort, better air quality, and reduced utility costs for future residents.
Accessibility
Hazelview achieved an additional 20 points through Rick Hansen Foundation Level 1 certification. The building complies with CSA B651:23, meaning all homes are 100 percent visitable and all common areas are barrier-free. A share of units will meet full accessibility standards under the Rick Hansen framework.
These features offer meaningful benefits to residents, including those with permanent or temporary disabilities, older adults, and families with young children. The design enables safe, independent movement throughout the building and supports more inclusive urban living.
Designed as a Complete Community
The overall project is part of a broader vision to deliver long-term community value. A historic $79.8 million community benefits package is included as part of the development of this site, including a $12.5 million cash contribution to establish land trusts that will acquire affordable housing.
The community benefits package includes:
a new City-owned community hub and daycare on the first two floors of the former Kent School building
an 8-storey building with 56 purpose-built units to be conveyed to the City, exclusively for public affordable rental housing
a new bus-accessible public road that prioritizes the safe and convenient transportation for students and visitors alike
a new public park
an underground pedestrian connection to the Dufferin TTC subway station
Each of these elements was designed with the surrounding neighbourhood in mind. By integrating housing, amenities, and infrastructure into one connected plan, Hazelview is contributing to the long-term social and economic health of the area.
"Bloor Street is one of those centrepieces of Toronto. It's a historic street that defines the east-west spine of the city. Hazelview's vision for this landmark corner of Bloor St. W and Dufferin Ave., helps raise the standard for apartment living in our city, one that we have yet to see at this quality and scale. They are helping create a true vertical neighbourhood, that is accessible, sustainable, and family-oriented. It's the kind of multi-unit housing Toronto needs very badly, and we are thrilled that we were able to help support that vision," says Barry Gidney, AVP, Commercial, First National Financial LP.
Hazelview's integrated investment and development platform allows us to execute large-scale projects with alignment from concept through operations. With over two decades of experience and a deep understanding of local markets, we continue to invest with discipline, insight, and an ownership mindset.
For more information, visit: Bloor & Dufferin – Hazelview.
About Hazelview:
Hazelview is a global real estate investment, development, and property management firm. Since 1999, Hazelview has delivered strong, risk-adjusted returns across all market cycles by taking an ownership-driven approach and leveraging deep local and global market insights. The firm invests in both private and public real estate markets through its strategically integrated platform.
With a focus on purpose-built rental communities, Hazelview develops and manages high-quality residential properties that prioritize resident wellbeing and fosters community connection. To learn more, visit https://www.hazelview.com and www.hazelviewproperties.com.
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Other non-IFRS measures include earnings before income taxes, interest, depreciation and amortization (EBITDA), which is net income before taxes excluding significant items and also excludes certain corporate interest revenue and corporate interest expense, depreciation and amortization and normalized EBITDA which is EBITDA excluding certain expenses of a specialized or non-recurring nature. EBITDA does not exclude right of use assets amortization and lease interest expense. The respective figures as described in this paragraph for the Company's operating divisions are determined as described herein and are non-IFRS measures. A reconciliation of non-IFRS measures that exclude significant items to the applicable IFRS measures from the consolidated financial statements for fiscal 2025 can be found in the above table titled "Summary of Results for Q4 and Fiscal 2025 and Selected Financial Information Excluding Significant Items". Non-IFRS Ratios Non-IFRS ratios are calculated using the non-IFRS measures defined above. For the periods presented herein, we have used the following non-IFRS ratios: (i) total expenses excluding significant items as a percentage of revenue which is calculated by dividing expenses excluding significant items by revenue excluding significant items; (ii) earnings per common share excluding significant items which is calculated by dividing net income attributable to common shareholders excluding significant items by the weighted average number of common shares outstanding (basic); (iii) diluted earnings per common share excluding significant items which is calculated by dividing net income attributable to common shareholders excluding significant items by the weighted average number of common shares outstanding (diluted); and (iv) pre-tax profit margin which is calculated by dividing net income before taxes excluding significant items by revenue excluding significant items. Supplementary Financial Measures Client assets are supplementary financial measures that do not have any definitions prescribed under IFRS and do not meet the definition of a non-IFRS measure or non-IFRS ratio. Client assets, which include both Assets under Management (AUM) and Assets under Administration (AUA), is a measure that is common to the wealth management business. Client assets is the market value of client assets managed and administered by the Company from which the Company earns interest, commissions and fees. This measure includes funds held in client accounts as well as the aggregate market value of long and short security positions. The Company's method of calculating client assets may differ from the methods used by other companies and therefore these measures may not be comparable to other companies. Management uses these measures to assess operational performance of the Canaccord Genuity Wealth Management business segment. ACCESS TO QUARTERLY RESULTS INFORMATION Interested parties are invited to listen to Canaccord Genuity's fourth fiscal quarter results conference call via live webcast or a toll-free number. The conference call is scheduled for Thursday, June 5, 2025 at 8:00 a.m. Eastern time, 1:00 p.m. UK, and 10:00 AEST. The conference call may be accessed live and will also be archived on a listen-only basis at: Analysts and institutional investors can call in via telephone at: 1-416-945-7677 (within Toronto) 1-888-699-1199 (toll free in North America) 448-002-797-040 (toll free from the United Kingdom) 612-801-71385 (within Australia) Please ask to participate in the Canaccord Genuity Group Inc. Q4/25 results call. If a conference call ID is requested, please use 52680. A replay of the conference call will be made available from approximately two hours after the live call on June 5, 2025, until July 5, 2025, at 1-289-819-1450 or 1-888-660-6345 by entering passcode 52680 followed by the (#) key. ABOUT CANACCORD GENUITY GROUP INC.: Through its principal subsidiaries, Canaccord Genuity Group Inc. (the "Company") is a leading independent, full-service financial services firm, with operations in two principal segments of the securities industry: wealth management and capital markets. Since its establishment in 1950, the Company has been driven by an unwavering commitment to building lasting client relationships. We achieve this by generating value for our individual, institutional and corporate clients through comprehensive investment solutions, brokerage services and investment banking services. The Company has Wealth Management offices located in Canada, the UK, Guernsey, Jersey, the Isle of Man and Australia. The Company's international capital markets division operates in North America, UK & Europe, Asia, and Australia. Canaccord Genuity Group Inc. is publicly traded under the symbol CF on the TSX. CAUTION REGARDING FORWARD-LOOKING STATEMENTS This earnings release may contain "forward-looking information" as defined under applicable securities laws ("forward-looking statements"). These statements relate to future events or future performance and reflect the Company's expectations, beliefs, plans, estimates, intentions and similar statements concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts, including statements related to potential future transactions, actions by the Management Group or future Board representation. Such forward-looking statements reflect management's current beliefs and are based on information currently available to the Company. In some cases, forward-looking statements can be identified by terminology such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "estimate", "predict", "potential", "continue", "target", "intend", "could" or the negative of these terms or other comparable terminology. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and a number of factors could cause actual events or results to differ materially from the results discussed in the forward-looking statements. In evaluating these statements, readers should specifically consider various factors that may cause actual results to differ materially from any forward-looking statement. These factors include, but are not limited to, the trading price of the Company's shares; the Company's financial condition and earnings; market and general economic conditions (including slowing economic growth, inflation and rising interest rates); the dynamic nature of the financial services industry; and the risks and uncertainties discussed from time to time in the Company's interim condensed and annual consolidated financial statements, its annual report and its annual information form ("AIF") filed on as well as the factors discussed in the sections entitled "Risk Management" and "Risk Factors" in the AIF, which include market, liquidity, credit, operational, legal and regulatory risks. Although the forward-looking statements contained in this press release are based upon assumptions that the Company believes are reasonable, there can be no assurance that actual results will be consistent with these forward-looking statements. The forward-looking statements contained in this press release are made as of the date of this press release and should not be relied upon as representing the Company's views as of any date subsequent to the date of this press release. Except as may be required by applicable law, the Company does not undertake, and specifically disclaims, any obligation to update or revise any forward-looking statements, whether as a result of new information, further developments or otherwise. SOURCE Canaccord Genuity Group Inc.
Cision Canada
5 hours ago
- Cision Canada
Former Unifor members laid off from Glacier Media papers launch their own newspaper co-op
VANCOUVER, BC, June 4, 2025 /CNW/ - Following the closure of Glacier Media's digital community newspapers in April and May, which affected the jobs of Unifor Local 2000 members, journalists are now banding together to form a worker co-op with the goal of launching a newspaper in regions of British Columbia. "This grassroots project exemplifies the tenacity and dedication of journalists who care about their communities and the work they produce," said Unifor National President Lana Payne. "This is not just a fight against news deserts, but a battle for democracy." Four longtime community news reporters have joined forces with Unifor and the Union Cooperative Initiative to launch the Save Our Local News campaign. This bold initiative aims to create a fresh, trusted and reliable news publication in the growing communities of New Westminster, Burnaby and the Tri-Cities. The Glacier Media closures affected the communities of Burnaby, New Westminster, Port Moody, Anmore, Belcarra, Coquitlam and Port Coquitlam, contributing to the troubling news deserts in Metro Vancouver. Glacier Media said it is keeping all non-union websites online and will continue to print the non-union publications North Shore News and Delta Optimist. "Thousands of residents and organizations in the Tri-Cities, Burnaby and New Westminster communities have lost access to their longstanding local news publications with the recent closures of the New Westminster Record, Burnaby Now and Tri-City News," said Unifor Western Regional Director Gavin McGarrigle. "This has sparked interest in developing a new worker-led and community driven model for local news — one that puts communities over profits." Unifor is donating $5,000 to this project. The co-op is asking the community to support their campaign and fundraising efforts by signing up at Unifor represents more than 10,000 media workers, including journalists in the broadcast and print news industry. Unifor is Canada's largest union in the private sector, representing 320,000 workers in every major area of the economy. The union advocates for all working people and their rights, fights for equality and social justice in Canada and abroad and strives to create progressive change for a better future.
