TORONTO — Estonian-based developer Hepsor, together with its partner Elysium Investments, has announced it has acquired a development project consisting of 17 properties on Brownville Avenue in Toronto.
The development is targeted for a highrise building with rental apartments, stated a release. New zoning will be sought and planning activities will be carried out as part of a first phase that is expected to last 24 to 30 months.
The total investment value of the property and the first phase of the project is approximately $34 million, of which Brownville Limited Partnership, established for the project’s development, will invest about $8 million. Hepsor has 50-per-cent ownership in the limited partnership.
In addition to its own funds, the Brownville development is also planned to include financing from Estonian private equity investors.
To date, Hepsor’s residential development portfolio in Toronto includes positions in five different development projects. Hepsor, in co-operation with its partners, has plans for a total of approximately 3,000 new rental apartments in Toronto.
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