BMO Provides $114.7M For Hamilton Rental Tower
BMO has provided $114.7 million in construction financing for a 33-storey rental tower in downtown Hamilton, backing a project that developers initially envisioned as condominiums.
Vantage Developments, The Arlo Company and Garnet Group secured the conventional construction loan for 188 Cannon St. E., where work is underway on 353 purpose-built rental apartments.
Toronto-based Oakbank Capital arranged the bilateral financing, with managing partner Jonah Brown and brokers Aaron Sun and Jacob De Carolis involved in the transaction. Oakbank lists the development at 297,996 SF.
The financing follows a significant change in direction for the property.
Vantage acquired the former laundromat site in 2023 and initially pursued a condominium development with approximately 380 units. The project subsequently shifted to purpose-built rental housing as condominium market conditions deteriorated.
The partners broke ground on Jan. 16, with completion targeted for 2028.
The Arcadis-designed development will replace a property with an industrial history dating to the early 1900s, including use as a manufacturing facility and later a dry cleaner.
The financing is notable for its conventional structure rather than a CMHC-insured construction loan, demonstrating bank appetite for select rental developments despite challenging financing conditions.
Vantage is also pursuing another downtown Hamilton residential project at 98 James St. S.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout