Five Major Banks Finance 917-Unit Etobicoke Rental
Five major Canadian banks are financing a 917-unit rental development in Etobicoke, where construction is now underway on a site previously planned for condominiums.
CBRE Capital arranged the conventional, uninsured construction financing for EllisDon Developments and Windsor Private Capital’s two-tower project at 80–90 Fieldway Rd., near Kipling station. The LiUNA Pension Fund is also an investment partner.
CBRE Capital senior vice-president Joshua Sonshine announced the deal Wednesday, describing it as one of Canada’s largest uninsured conventional multifamily construction loans of 2026. Unlike many large rental developments, the financing does not carry CMHC mortgage insurance.
The loan amount and participating banks were not disclosed.
The deal comes amid a jump in rental construction across the GTHA. According to Urbanation’s latest figures, developers started 12,106 purpose-built rental apartments in the first nine months of 2026, an 82% increase from a year earlier.
The Fieldway project broke ground in October and is expected to welcome residents in 2029.
It also marks a change from earlier plans for the property. EllisDon launched sales for its Arcadia District condominium development in 2023, envisioning multiple residential towers along Fieldway Road.
The development will include ground-floor retail and geothermal heating and cooling systems involving Diverso Energy.
Pictured: An earlier rendering of the Arcadia District condominium proposal at 80–90 Fieldway Rd. in Etobicoke, where EllisDon Developments and Windsor Private Capital are now building 917 purpose-built rental apartments.
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