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Hazelview Investments has obtained a federally backed loan under the Canada Mortgage and Housing Corporation's (CMHC) MLI Select program, among the largest ever issued, supporting the construction of 856 new purpose-built rental units at their Bloor & Dufferin project in Toronto’s West End. The financing, arranged through First National Financial LP, supports a major infusion of rental housing in a city grappling with persistent affordability challenges.
The rental homes are part of the larger masterplanned redevelopment at the southwest corner of Bloor Street West and Dufferin Street, spanning multiple blocks. Hazelview Investments, working alongside Fitzrovia Real Estate Inc. and AIMCo, is guiding the redevelopment of the site with a six-building plan designed by Turner Fleischer Architects. Fitzrovia’s two rental towers, rising 34 and 37 storeys, are addressed to 980 Dufferin, east of Collegiate Road and north of Croatia Street.
“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.”
The MLI Select program provides favourable loan terms for developments that meet federal targets for sustainability, accessibility, and affordability. The application earned a total of 120 points, exceeding the program’s maximum threshold by combining strong performance in energy efficiency and accessible design. Projected energy savings of roughly 40 percent over the 2017 National Energy Code, combined with Level 1 certification from the Rick Hansen Foundation, contribute to the development’s performance targets.
The Bloor & Dufferin redevelopment includes a $79.8 million community benefits package negotiated through the planning process. Among the components are 56 affordable rental units in a building to be conveyed to the City, along with a community hub and daycare within the restored Kent School. Hazelview is also contributing $12.5 million in funding to establish a land trust that will acquire additional affordable housing elsewhere in Toronto.
Accessibility is built into the design, with every unit to be fully visitable and all common areas barrier-free. Some units will also meet higher accessibility standards under the Rick Hansen Foundation framework.
“Hazelview’s vision for this landmark corner of Bloor and Dufferin helps raise the standard for apartment living in our city, one that we have yet to see at this quality and scale,” said Barry Gidney, AVP of Commercial Lending at First National Financial LP, adding that the project supports the creation of a vertical neighbourhood rooted in long-term value.
In addition, the development includes several public amenities secured through the planning process. As well as the affordable rental building and City-owned community hub with a daycare, planned public infrastructure includes new parkland and a pedestrian tunnel connecting to Dufferin subway station through Fitzrovia's adjacent Marlow project.
UrbanToronto will continue to follow progress on this development, but in the meantime, you can learn more about it from our Database file, linked below. If you'd like, you can join in on the conversation in the associated Project Forum thread or leave a comment in the space provided on this page.
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