TORONTO, Feb. 3, 2014 /CNW/ - Harbour Equity Capital Corp. ("Harbour
Equity"), manager of the Harbour Equity Joint Venture Development Fund
(the "Fund"), is pleased to report that the Fund has closed five joint
venture developments since its inception in June 2013. The Fund
provides equity capital to experienced mid-size developers across
Canada by way of joint venture for new developments and redevelopments
where "value-add" opportunities exist.
The Fund's five joint venture development projects are located in
Alberta and Ontario, and include a recently closed project in Waterloo,
Ontario - a 51 unit townhouse rental property that will be redeveloped
and expanded to include 180 stacked townhouse rental units on
completion. To date, greater than 50% of Fund capital has been
committed to these five joint ventures, representing nearly $100
Million in total development costs. The Fund continues to welcome joint
venture opportunities in a broad range of asset classes, including
for-sale and for-rent residential, retail, office, and industrial
developments, as well as purpose built projects such as seniors
housing, student housing and self-storage.
"A number of quality real estate developers in today's market are
presented with opportunities to scale their business and leverage their
development expertise, but can't because they lack the required equity
capital or liquidity," says Ari Silverberg, President of Harbour
Equity. "We focus on removing those liquidity constraints by providing
equity capital to mid-size developers who have a history of achieving
superior development returns."
The Fund will continue to target development opportunities at the time
of land acquisition, with investments focused on projects with total
costs between $10 Million and $50 Million and total equity requirements
in the range of $2 Million to $10 Million.
About Harbour Equity Capital Corp.
Harbour Equity is a dedicated real estate private equity company formed
in January 2011 by Alan Winer, Paul Schachter and Ari Silverberg to
provide equity capital to proven real estate developers with a history
of achieving superior risk-adjusted development returns. Harbour Equity
is part of the Harbour Group of Companies, a multi-dimensional real
estate investment platform formed in 2001. Harbour Equity currently
manages 17 joint venture projects through the Joint Venture Development
Fund and project specific limited partnerships. Harbour Equity's
website can be found at www.harbourequity.com.
SOURCE: Harbour Equity Capital Corp.
For further information:
President, Harbour Equity Capital Corp.
(416) 361-3315 x238