Canada approves $61m loan for rental housing project

WCN Editorial Team 17 Jun 2021 NORTH AMERICA BUILDINGS

The Canadian Government has granted $61.22m (C$74.7m) low-cost loan to fund the construction a new residential building in Calgary.

The loan, which is funded through CMHC's Rental Construction Financing initiative (RCFi), will be used for the Sunalta Heights Phase 1 residential building, which is being developed by Interloq Capital.

The RCFi is a National Housing Strategy programme that aims to support the construction of rental housing projects to encourage a stable rental housing supply.

Located at 1538 10th Avenue SW and within walking distance to the Beltline district, amenities, and public transit, the 27-storey Sunalta Heights Phase 1 building will provide 92 one-bedroom units, 115 two-bedroom rental housing units.

The building features eight electric vehicle charging stations, underground parking, 150 secure bicycle stalls and a new transit stop along 10th Avenue.

About 200m from the Sunalta LRT station, the new residential building also connects residents to the bus rapid transit system.

 Canadian Minister of Families, Children and Social Development Ahmed Hussen said: "Every Canadian deserves a safe and affordable place to call home.

“That's why, through new investments like Sunalta Heights by Interloq Capital, our government is taking action to not only increase the supply of new rental developments, but to also provide housing options that are closer to jobs, services and amenities that middle-class families in Calgary need."

Moreover, the project is located directly on a bicycle path, which forms part of the Centre City Cycle Track Network, and recreational paths along the Bow River.

Interloq Capital president and CEO Dave Bronconnier said the Sunalta Heights is the first residential transit-oriented development along the Blue LRT line, a regenerative project intended for the communities of Sunalta and the Beltline.

“This location offers exceptional living experiences for residents with parks, bike paths, local restaurants, indoor and outdoor amenities with high quality design and mountain views.

“The rental construction finance initiative allows for investments to meet the needs of the future including adaptable features, improved environmental performance to mitigate climate change impacts, flexible and comprehensive amenity spaces to build complete community and improve residents quality of life.”

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Illustration of Sunalta Heights building. Credit: CNW Group/Canada Mortgage and Housing Corporation.

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