MONTREAL — Brivia Group has announced it has received the financing necessary to resume construction of its L’Hymne des Trembles project at Mont Tremblant in Quebec.
The company has obtained a commitment from a major Canadian financial institution to fund phases one and two of the residential resort project.
The developer has also announced the participation of new investors in the project, including a leading Canadian institutional real estate investment fund. The completion of the financing and the addition of the equity investors solidify the financial structure of the project, stated a release.
L’Hymne des Trembles is being developed on a 14-hectare site on the Versant Soleil side of the mountain. Phases one and two of the project consist of mountain homes, townhouses and condominiums on the mountain.
Delivery of the first two phases of the project is scheduled for the winter of 2025. The future phases of the project will be unveiled shortly.
“The decision to temporarily put L’Hymne des Trembles project on hold was linked to the importance we place on financing prerequisites, confirming our commitment to its sustainability, in regard to future residents and investors,” stated CEO Kheng Ly in a statement. “We have always been confident that, despite the current economic climate, we would be able to finalize the financing within a reasonable timeframe.”
Construction of all other major projects in downtown Montreal, such as 1 Square Phillips and Mansfield, is proceeding according to schedule. 1 Square Phillips will be able to welcome its first tenants by June 2024. Construction of the phase two tower has now reached the 12th floor, and all work continues to progress according to schedule.
For the Mansfield project, 98 per cent of the structural work and 70 per cent of the basement work are now complete. The installation of the exterior panels began in mid-March.
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