MONTREAL, March 19, 2024 /CNW/ - National Bank announced that it has granted a green loan to Capital Developments for the construction of Olive Residences in Toronto. This new residential project, which is currently underway, has been designed with sustainable development in mind.
Located at 36 Olive Avenue, south-east of Yonge and Finch in Toronto's North York neighbourhood, Olive Residences is a new 29-storey residential building with 350 condo units for sale. Designed to ensure comfort, durability and accessibility, the building is just a few minutes' walk from Finch subway station, which also connects to the Go Transit and York Region Transit hubs.
The project is being developed by Canadian developer Capital Developments and is scheduled to be delivered in 2025. Olive Residences is pursuing LEED® Gold* certification. As such, it emphasizes quality of life for its residents and compliance with strict environmental standards.
The loan granted to the Olive Residences project is aligned with the Green Loan Principles published by the Loan Market Association in February 2023.
National Bank is also proud to announce that individuals who take out a National Bank mortgage loan to purchase a unit in this building project could receive up to $5,300 in cash back if they meet certain criteria.
"We're proud to support Capital Developments in carrying out this project, which allows us to again showcase the expertise of the National Bank Real Estate Group and of our dedicated sustainable financing teams. The Olive Residences project from Capital Developments demonstrates that, with support from our ESG specialists, a skilled, innovative approach can reconcile economic development with the ecological transition," said René Demers, Senior Vice-President – Commercial and Private Banking, Real Estate at National Bank.
"This project will be infilling an industrial site directly adjacent to first-order transit, which allows us to materially reduce parking and encourage mass transit. Beyond that, in addition to meeting the Toronto Green Standards we are, among other things: conducting enhanced commissioning of glazing and mechanical systems to ensure the building operates to its low-energy specifications, seeking certifications for many key raw materials, and installing on-site pollination (beehives). We aim to reduce the cost of living while benefiting the environment. National Bank's innovative financing allows us to do this for purchasers," said Carlo Timpano, President of Capital Developments.
Note
*LEED®—an acronym for Leadership in Energy and Environmental Design™—is a registered trademark of the U.S. Green Building Council® and licensed in Canada to the Canada Green Building Council.
Certain statements in this press release are forward-looking statements. These statements are based on a number of assumptions and are subject to risk factors, inherent risks and uncertainties, many of which are beyond National Bank's control and the impacts of which are difficult to predict. Except as required by law, National Bank does not undertake to update any forward-looking statements, whether written or oral, that may be made from time to time, by it or on its behalf. The forward-looking information contained in this press release is presented for the purpose of interpreting the information contained herein and may not be appropriate for other purposes.
With $434 billion in assets as at January 31, 2024, National Bank of Canada is one of Canada's six systemically important banks. The Bank has approximately 30,000 employees in knowledge-intensive positions and operates through three business segments in Canada: Personal and Commercial Banking, Wealth Management and Financial Markets. A fourth segment, U.S. Specialty Finance and International, complements the growth of its domestic operations. Its securities are listed on the Toronto Stock Exchange (TSX: NA). Follow the Bank's activities at nbc.ca or via social media.
Capital Developments is an industry-leading Canadian real estate development company focusing on high-rise condominium and multi-family developments in exceptional, transit-oriented locations. Founded nearly 20 years ago, Capital Developments has delivered 2,500 units in the past 5 years alone, has over 2,000 units in active construction, and a pipeline of 2,500 more in AAA locations. You can find more information at www.capitaldevelopments.com.
SOURCE National Bank of Canada
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