MONTREAL, March 19, 2024 /CNW/ - National Bank announced
that it has granted a green loan to Capital Developments for the
construction of Olive Residences in Toronto. This new residential project, which
is currently underway, has been designed with sustainable
development in mind.
Located at 36 Olive Avenue, south-east of Yonge and Finch in Toronto's North
York neighbourhood, Olive Residences is a new 29-storey
residential building with 350 condo units for sale. Designed
to ensure comfort, durability and accessibility, the building is
just a few minutes' walk from Finch subway station, which also connects to
the Go Transit and York Region Transit hubs.
The project is being developed by Canadian developer Capital
Developments and is scheduled to be delivered in 2025. Olive
Residences is pursuing LEED® Gold* certification. As
such, it emphasizes quality of life for its residents and
compliance with strict environmental standards.
The loan granted to the Olive Residences project is aligned with
the Green Loan Principles published by the Loan Market Association
in February 2023.
Mortgage promotion: Made to
measure to promote this sustainable project
National Bank is also proud to announce that individuals who
take out a National Bank mortgage loan to purchase a unit in this
building project could receive up to $5,300 in cash back if they meet certain
criteria.
Quotes
"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," said René Demers,
Senior Vice-President – Commercial and Private Banking, Real Estate
at National Bank.
"This project will be infilling an industrial site directly
adjacent to first-order transit, which allows us to materially
reduce parking and encourage mass transit. Beyond that, in addition
to meeting the Toronto Green Standards we are, among other things:
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
on-site pollination (beehives). We aim to reduce the cost of living
while benefiting the environment. National Bank's innovative
financing allows us to do this for purchasers," said Carlo Timpano,
President of Capital Developments.
Note
*LEED®—an acronym for Leadership in Energy and
Environmental Design™—is a registered trademark of the U.S. Green
Building Council® and licensed in Canada to the Canada Green Building
Council.
Caution Regarding
Forward-Looking Statements
Certain statements in this press release are forward-looking
statements. These statements are based on a number of assumptions
and are subject to risk factors, inherent risks and uncertainties,
many of which are beyond National Bank's control and the impacts of
which are difficult to predict. Except as required by law, National
Bank does not undertake to update any forward-looking statements,
whether written or oral, that may be made from time to time, by it
or on its behalf. The forward-looking information contained in this
press release is presented for the purpose of interpreting the
information contained herein and may not be appropriate for other
purposes.
About National Bank of
Canada
With $434 billion in assets as at January 31, 2024, National Bank of
Canada is one of
Canada's six systemically
important banks. The Bank has approximately 30,000 employees in
knowledge-intensive positions and operates through three business
segments in Canada: Personal and
Commercial Banking, Wealth Management and Financial Markets. A
fourth segment, U.S. Specialty Finance and International,
complements the growth of its domestic operations. Its securities
are listed on the Toronto Stock Exchange (TSX: NA). Follow the
Bank's activities at nbc.ca or via social
media.
About Capital
Developments
Capital Developments is an industry-leading Canadian real
estate development company focusing on high-rise condominium and
multi-family developments in exceptional, transit-oriented
locations. Founded nearly 20 years ago, Capital Developments has
delivered 2,500 units in the past 5 years alone, has over 2,000
units in active construction, and a pipeline of 2,500 more in AAA
locations. You can find more information at
www.capitaldevelopments.com.
SOURCE National Bank of Canada