Harbour Equity Joint Venture Development Fund, which is managed by Canadian real estate private equity firm Harbour Equity Capital Corp, reported that it has closed five joint venture developments in Alberta and Ontario since its inception in June 2013. To date, more than half of the fund’s capital has been committed to ventures, representing nearly $100 million in total development costs. Based in Toronto, Harbour Equity invests in mid-size developers in Canada by way of joint venture for new developments and redevelopments where value-add opportunities exist. Development projects may include for-sale and for-rent residential, retail, office, and industrial projects.
Harbour Equity JV Development Fund closes five joint venture development transactions in 2013
TORONTO, Feb. 3, 2014
TORONTO, Feb. 3, 2014 /CNW/ – Harbour Equity Capital Corp. (“Harbour Equity”), manager of the Harbour Equity Joint Venture Development Fund (the “Fund”), is pleased to report that the Fund has closed five joint venture developments since its inception in June 2013. The Fund provides equity capital to experienced mid-size developers across Canada by way of joint venture for new developments and redevelopments where “value-add” opportunities exist.
The Fund’s five joint venture development projects are located in Alberta and Ontario, and include a recently closed project in Waterloo, Ontario – a 51 unit townhouse rental property that will be redeveloped and expanded to include 180 stacked townhouse rental units on completion. To date, greater than 50% of Fund capital has been committed to these five joint ventures, representing nearly $100 Million in total development costs. The Fund continues to welcome joint venture opportunities in a broad range of asset classes, including for-sale and for-rent residential, retail, office, and industrial developments, as well as purpose built projects such as seniors housing, student housing and self-storage.
“A number of quality real estate developers in today’s market are presented with opportunities to scale their business and leverage their development expertise, but can’t because they lack the required equity capital or liquidity,” says Ari Silverberg, President of Harbour Equity. “We focus on removing those liquidity constraints by providing equity capital to mid-size developers who have a history of achieving superior development returns.”
The Fund will continue to target development opportunities at the time of land acquisition, with investments focused on projects with total costs between $10 Million and $50 Million and total equity requirements in the range of $2 Million to $10 Million.
About Harbour Equity Capital Corp.
Harbour Equity is a dedicated real estate private equity company formed in January 2011 by Alan Winer, Paul Schachter and Ari Silverberg to provide equity capital to proven real estate developers with a history of achieving superior risk-adjusted development returns. Harbour Equity is part of the Harbour Group of Companies, a multi-dimensional real estate investment platform formed in 2001. Harbour Equity currently manages 17 joint venture projects through the Joint Venture Development Fund and project specific limited partnerships. Harbour Equity’s website can be found at www.harbourequity.com.
SOURCE Harbour Equity Capital Corp.
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