Peakhill Launches $750M Rental Construction Lending Program
Peakhill Capital has launched a $750-million construction lending program for rental housing developments across Canada, with $450 million in loans already closed under the new platform this year.
The Toronto-based lender announced Thursday that its Everest program, backed by an initial institutional commitment, will provide CMHC-insured construction loans ranging from $4 million to $200 million.
Peakhill expects the program to add $2 billion in annual lending capacity to the more than $1 billion in insured construction financing it already provides each year.
That would bring its annual lending volume to $3 billion, enough to support an estimated 8,000 rental apartments annually, according to the company.
“We’ve spent six years building one of Canada’s most active CMHC construction lending platforms, and we’re already closing more than a billion dollars a year,” said Harley Gold, Peakhill’s president and CEO.
The expansion comes as developers face mounting challenges making new rental projects financially viable, particularly amid elevated construction costs and shifting market conditions.
Peakhill reports a construction lending pipeline exceeding $2 billion, with more than 100 developments expected to close by year-end.
The company did not identify the institutional investor behind Everest or disclose which developments have received financing.
Its broader mortgage servicing portfolio exceeds $18 billion.
Other News
Ontario Cuts Housing Forecast Despite New Development Incentives
Ontario Finance Minister Peter Bethlenfalvy told the legislature Thursday that the province’s response to economic uncertainty is to “build, and to build together.” But the Fall Economic Statement he delivered forecasts considerably less building than the government expected just six months ago. Ontario now projects 65,100 housing starts in 2027, down from 70,300 in its...
Learn more
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...
Learn more
ATCO More Than Doubles Ontario Modular Plant To 185K SF
ATCO Structures has more than doubled the size of its modular manufacturing plant in Grimsby, expanding production capacity as Canada’s construction industry faces growing pressure to build faster and at lower cost. The company officially opened the expanded facility Thursday, increasing its footprint from 85K SF to 185K SF. Canada’s modular construction market reached $5.5B...
Learn more
Brokers
View All-
Remax Real Estate Professionals
Re/Max Real Estate Professionals
-
Jared Ennis
Central CA Commercial | California
-
Rick Recckio
Recckio Real Estate & Development
-
Greg Corbin
Northgate Real Estate Group
Lenders
View AllManagement
View All-
Essex Property Trust, Inc.
California
-
Josh A
California
-
Bob Tuteur
-
Andrew Schildcrout