MONTREAL — National Bank has announced it has granted a green loan to Capital Developments for the construction of Olive Residences in Toronto.
The project is located at 36 Olive Ave., southeast of Yonge and Finch in Toronto’s North York neighbourhood. The residence will rise 29 storeys with 350 condo units for sale.
Capital Developments, a Canadian developer, is targeting delivery in 2025. Capital is pursuing LEED Gold certification, stated a release.
The project involves infilling an industrial site adjacent to first-order transit, allowing the developer to reduce parking and encourage mass transit. In addition to meeting Toronto Green Standards, the developer is 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 onsite pollination (beehives).
The loan granted to the project is aligned with the Green Loan Principles published by the Loan Market Association in February 2023.
The principles “seek to support borrowers in financing environmentally sound and sustainable projects that foster a net-zero emissions economy, protect and restore the environment, facilitate adaptation to climate change, and/or provide other environmental benefits.”
“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,” stated Rene Demers, a senior vice-president at National Bank, in a statement.
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