Clarke Obtains New $250M Credit Facility for Talisman Project’s Construction

Clarke Obtains New $250M Credit Facility for Talisman Project’s Construction
News| September 8, 2025| Monte Stewart
Canada + Apartment Buildings

Clarke has secured a new $250-million credit facility to refinance, and advance construction at, its Talisman multi-family development project in Ottawa.

Clarke has also refinanced an unidentified residential investment property in St. John’s, N.L.

The Talisman financing includes a $115-million term loan, partially used to repay the existing $85-million construction loan from the completed first phase, and a $135- million construction facility to fund the second phase. The company had previously financed the second phase through cash flow from operations and revolving credit facilities.

Previously, Clarke sold its one-third ownership stake in the 1111 Atwater Avenue condominium development in downtown Montreal and two Houston office properties to help fund the second phase.

“With this $250-million facility now in place, we’ve secured the funding needed to support both the stabilization of phase one and to complete the build-out of phase two,” said Tom Casey, CFO of Halifax-based Clarke. “Tenant, lender, and stakeholder response to our development has been overwhelmingly positive, and we’re very pleased with the outcome. The facility’s competitive pricing and flexible terms speak to the quality of the asset, the strength of our balance sheet, and our track record of execution.”

RBC’s Toronto real estate markets team executed the transaction.

The refinancing also enabled Clarke to pay down its revolving credit facilities and fully repay its $30- million unsecured credit facility to a related party.

Talisman’s second phase is under construction. It is slated to include three purpose-built rental-apartment towers containing 510 residential units, along with retail space. Once the second phase is complete, the development will house about 1,800 residents.

For the St. John’s property, Clarke secured residential-loan terms rather than hospitality terms following the conversion of the asset. The company said the repurposing improved asset performance, reduced the capitalization rate, and improved financing terms.

“This financing is a strong validation of this strategy,” Casey said. “We appreciate the CIBC real estate-finance division team for their support of our conversion strategy and for facilitating an efficient, well-executed transaction.”

Clarke is a publicly traded investment and real estate company with diverse business and property holdings in Canada and the U.S.

Pictured: Clarke’s Talisman project in Ottawa.

Image: Clarke

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