$384M Trent Student-Housing Deal Brings HOOPP, Knightstone Together
Trent University has lined up a $384M financing package backed by the Building Ontario Fund, HOOPP and Knightstone Capital Management to deliver nearly 1,400 student beds in Peterborough, bringing institutional capital into one of the university’s largest infrastructure projects.
The two-building development at Trent’s Symons Campus, 1600 West Bank Dr., will total about 722K SF and include Gidigaa Migizi College and a new Otonabee College residence. About 134K SF will be dedicated to academic, administrative and student-support uses.
Building Ontario Fund is providing $100M in mezzanine debt, which it says closed a construction financing gap and helped attract additional institutional investment. The commitment is BOF’s first financial partnership with a Canadian pension fund and its second student-housing investment.
HOOPP is investing alongside Trent and project developer Knightstone, extending the pension plan’s existing student-housing portfolio across Canadian university markets.
“Ontario continues to offer compelling investment opportunities that support communities and generate long-term returns for our members,” HOOPP president and CEO Annesley Wallace said.
BOF’s $100M investment is expected to be repaid through refinancing once construction is complete and the residences are occupied and generating revenue. Excavation began this year, with completion scheduled for August 2029.
Join Us | Connect Alternative Real Estate Investments comes to Vancouver on Oct. 15, bringing together investors, owners, developers and lenders to examine where alternative real estate is working, how deals are getting financed and what comes next for B.C. CRE. The program covers seniors housing, student housing, self-storage and other specialized assets, along with the policy, capital and development issues shaping the market. Register here.
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Brokers
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Remax Professionals
Re/Max Real Estate Professionals | New York
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Eamonn McConnell
Avison Young - CA - ON - Greater Toronto
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