Marlin Spring, a Canadian real estate investment and development firm, has raised more than C$115 million for its development fund. The fund will invest in low, mid and high-rise projects in the Greater Toronto Area, with an allocation for opportunities in other domestic markets. David Thomson’s Osmington and Manulife Investment Management are the lead investors.
TORONTO, July 27, 2021 (GLOBE NEWSWIRE) — Marlin Spring, a Toronto-based real estate investment and development firm which has been active for close to a decade, is pleased to announce that it is has closed on commitments of over $115 million for its recent Development Fund (the “Fund”) with an additional closing anticipated in the fall of 2021. This fund will be focused on low, mid and high-rise projects primarily in the Greater Toronto Area (“GTA”), with an allocation for development opportunities in other major Canadian markets.
This Fund was launched in December 2020 and completed its first close in April 2021, with capital commitments from a prominent group of investors.
The cornerstone investor, Osmington Inc., is a privately owned commercial real estate and investment company controlled by David Thomson that operates with the highest degree of integrity and has a stellar reputation in the Canadian real estate market.
“We are honoured to have Osmington, one of the most prestigious Canadian real estate firms add their name alongside Marlin Spring to be the cornerstone investor in this Fund and are grateful for their ongoing support,” says Benjamin Bakst, CEO Marlin Spring. “Osmington’s role in this Fund, in light of their careful and selective process underwriting partners and investments, is both meaningful and valued.”
Jason Levin, President of Osmington Inc., says, “Osmington and Marlin Spring have a long-standing relationship with an aligned corporate strategy, vision and values. The speed of the raise and the caliber of investors in the Fund is a testament to the industry’s confidence in Marlin Spring, a view shared by Osmington. We look forward to participating in the development of thousands of new homes to meet the growing demands of the GTA.”
Manulife Investment Management joins as a lead investor with a commitment sourced from Manulife Financial Corporation’s balance sheet. “We are very pleased to partner with Manulife Investment Management as their private equity team has a well-established track record of investing in real estate development projects in the GTA”, says Ashi Mathur, President of Marlin Spring. “With our dedicated and experienced team and our principled growth strategies, we are well-positioned to continue to pursue the development of residential projects and significantly grow our portfolio, both through our existing partnerships and the fostering of new ones. As we continue to grow, we remain focused on our mission to deliver exceptional real estate value to all our stakeholders with an uncompromising adherence to our core values.”
ABOUT MARLIN SPRING
Marlin Spring is a Toronto-based real estate investment firm, which strategically acquires, develops, constructs and repositions assets throughout North America. Since its inception Marlin Spring has experienced substantial growth having acquired over 40 projects, consisting of 12,000 units which are currently in various stages of development, construction, repositioning and completion across Canada and the United States. With projects representing more than 11 million square feet of GFA and a value of over $5.7 billion upon completion, Marlin Spring has been one of the more active investors in the development, multifamily residential and retirement community sectors. Today, the team at Marlin Spring and its platforms consist of over 500 professionals involved in all aspects of acquisition, development, construction and asset management of its portfolio.
For more information: www.marlinspring.com