Bennett Jones acted as legal advisor to Canaccord Genuity in connection with the launch of the GTA Rental and Affordable Housing Initiative led by High Art Capital and supported by the Building Ontario Fund.
The initiative is expected to be capitalized with at least C$1.3 billion and will focus on acquiring newly completed, unsold condominium units across the Greater Toronto Area and converting them into long-term rental housing. The program is expected to deliver approximately 2,200 rental units, including about 550 affordable units protected through title-based affordability commitments.
The Building Ontario Fund has committed approximately C$300 million in mezzanine debt financing and equity capital to a private real estate fund formed by High Art Capital to support the initiative, which aims to increase rental supply while preserving affordable housing in the region.
The Bennett Jones team was led by Kristopher Hanc, Elizabeth Dylke and Dom Sorbara (Banking & Secured Transactions), with John Ra and Jesse Fontaine (Corporate Commercial), and Andrew Jeanrie, Natalia Iamundo and Meg Tweedlie (Commercial Real Estate).