Grosvenor Gets $763M Federal Loan for Burnaby Apartment Project
AI Article Summary
Grosvenor has secured a $763 million federal loan from the Canada Mortgage and Housing Corporation's Apartment Construction Loan Program for its Brentwood Block development project in Burnaby, B.C. This investment will aid in constructing nearly 1,300 rental-housing units, along with retail, commercial, and community spaces. The development will feature sustainable construction practices and aims for completion of its first phase in 2026. The project is a collaboration between Grosvenor, a Canadian pension fund, and Westerkirk Capital.
What This Means for Canadian Contractors
This project shows how significant federal funding can accelerate the development of large-scale residential projects, offering a critical pathway to addressing housing shortages. For Canadian builders, this means increased access to funding that can support the construction of sustainable, high-density housing projects. This also indicates potential opportunities for growth in construction-industry jobs and advancements in prefab technologies required to meet such ambitious timelines.
