Hazelview Investments Secures One of the Largest CMHC Loans to Deliver 856 Purpose-Built Rental Homes in Toronto's West End
TORONTO, May 8, 2025 /CNW/ - Hazelview Investments has secured one of the largest CMHC-insured loans ever issued under the MLI Select program. The funding will advance the development of 856 new purpose-built rental homes in one of Toronto's most ambitious and community-oriented master-planned sites, located at the intersection of Bloor St. West and Dufferin Ave. Financing for this construction loan was provided by First National Financial LP.
This financing reflects Hazelview's disciplined approach to capital structuring. By aligning our development strategy with housing priorities at every level, we are able to access high-quality financing solutions that enhance project performance and reduce long-term risk. This CMHC-insured loan is a clear example of how thoughtful engagement with government programs can unlock value for both investors and communities.
"Securing this financing reflects our belief that doing the right thing for communities also delivers long-term value for investors," said Michael Williams, Head of Development at Hazelview Investments. "The scale and structure of this loan allow us to move forward confidently with a project that meets high standards for livability, sustainability, and financial performance."
Exceeding MLI Select Requirements
Hazelview's application to CMHC qualified under both the energy efficiency and accessibility categories of the MLI Select program. The development surpassed baseline requirements, resulting in a total of 120 points, above the program's maximum benefits threshold.
Energy Efficiency
The project earned the full 100-point energy efficiency incentive by achieving ~40 percent improvement over the National Energy Code for Buildings (2017), driving meaningful reductions in both energy consumption and greenhouse gas emissions, while also providing enhanced indoor comfort, better air quality, and reduced utility costs for future residents.
Accessibility
Hazelview achieved an additional 20 points through Rick Hansen Foundation Level 1 certification. The building complies with CSA B651:23, meaning all homes are 100 percent visitable and all common areas are barrier-free. A share of units will meet full accessibility standards under the Rick Hansen framework.
These features offer meaningful benefits to residents, including those with permanent or temporary disabilities, older adults, and families with young children. The design enables safe, independent movement throughout the building and supports more inclusive urban living.
Designed as a Complete Community
The overall project is part of a broader vision to deliver long-term community value. A historic $79.8 million community benefits package is included as part of the development of this site, including a $12.5 million cash contribution to establish land trusts that will acquire affordable housing.
The community benefits package includes:
- a new City-owned community hub and daycare on the first two floors of the former Kent School building
- an 8-storey building with 56 purpose-built units to be conveyed to the City, exclusively for public affordable rental housing
- a new bus-accessible public road that prioritizes the safe and convenient transportation for students and visitors alike
- a new public park
- an underground pedestrian connection to the Dufferin TTC subway station
Each of these elements was designed with the surrounding neighbourhood in mind. By integrating housing, amenities, and infrastructure into one connected plan, Hazelview is contributing to the long-term social and economic health of the area.
"Bloor Street is one of those centrepieces of Toronto. It's a historic street that defines the east-west spine of the city. Hazelview's vision for this landmark corner of Bloor St. W and Dufferin Ave., helps raise the standard for apartment living in our city, one that we have yet to see at this quality and scale. They are helping create a true vertical neighbourhood, that is accessible, sustainable, and family-oriented. It's the kind of multi-unit housing Toronto needs very badly, and we are thrilled that we were able to help support that vision," says Barry Gidney, AVP, Commercial, First National Financial LP.
Hazelview's integrated investment and development platform allows us to execute large-scale projects with alignment from concept through operations. With over two decades of experience and a deep understanding of local markets, we continue to invest with discipline, insight, and an ownership mindset.
For more information, visit: Bloor & Dufferin – Hazelview.
About Hazelview:
Hazelview is a global real estate investment, development, and property management firm. Since 1999, Hazelview has delivered strong, risk-adjusted returns across all market cycles by taking an ownership-driven approach and leveraging deep local and global market insights. The firm invests in both private and public real estate markets through its strategically integrated platform.
With a focus on purpose-built rental communities, Hazelview develops and manages high-quality residential properties that prioritize resident wellbeing and fosters community connection. To learn more, visit https://www.hazelview.com and www.hazelviewproperties.com.
SOURCE Hazelview Investments
For further information, please contact: Hazelview Investments Inc., Colleen Krempulec, Managing Partner, Head of Sustainability and Brand, [email protected], (416) 500-9251
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