Grand Central Mimico Phase 1 construction financing in place - provided by MCAP. From the Canada Newswire press release service:
MCAP Arranges Financing of $350 million For Phase One of Grand Central Mimicoâ„¢ by Vandyk Properties
News provided by
MCAP Financial Corporation
Jun 01, 2022, 08:00 ET
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 Mimicoâ„¢ 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.
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