Canadian lender Private Debt Partners has funded a C$15 million term loan to Core Development Group, a Toronto-based real estate development company. The proceeds will be used for refinancing and to invest in future projects. Core focuses on residential multi-family and mixed-use assets, in addition to apartment rental and co-living projects.
TORONTO, May 25, 2022 /CNW/ – Private Debt Partners (“PDP”) is pleased to announce it has funded a term loan to Core Development Group Ltd. (“Core”). The proceeds will be used to refinance the incumbent lender and to provide investment into future development projects. The deal funded on May 13th, 2022 from PDP’s Senior Opportunities Fund (“SOF”).
Core Development Group Founder and CEO Corey Hawtin commented, “To support the recent growth within Core’s business, we are pleased to embark on a new financing partnership with PDP. We are excited to have a lender partner who took the time to understand what drives our business and provide a financing that was bespoke to Core and will act as a catalyst for our future growth”.
PDP Managing Partner Greg Dimmer commented, “We were very impressed with Core’s approach and plans for growth in mid-rise and high-rise, multi-family, residential developments throughout the GTA as well as low-rise rentals throughout the province. PDP is pleased to become a financing partner with the professionals at Core Development Group”.
This transaction demonstrates the continuing deployment of PDP’s Senior Opportunities Fund. The SOF had a first closing on April 15th, 2021 and PDP is actively working to deploy senior term financing solutions to growing companies in the Canadian mid-market.
ABOUT PRIVATE DEBT PARTNERS
Private Debt Partners is a private debt firm solely focused on Canadian mid-market opportunities. PDP originates and structures senior secured term loans to high-quality companies. PDP was co-founded by Jeffrey Deacon, Greg Dimmer and Jean-Christophe Greck who combined bring over 35 years of experience in fundraising, origination, portfolio management and underwriting. Lead investors include Stephen Lister and Thomas MacMillan. Additional information on PDP is available at www.privatedebt.com
ABOUT CORE DEVELOPMENT GROUP
Core Development Group is a Toronto-based real estate development company that focuses on residential multi-family and mixed-use assets, in addition to apartment rental and co-living projects. Core’s in-house capabilities include site selection, planning and zoning, development management, capitalization and construction which allows Core to source and manage projects for its own account as well as on behalf of clients and joint venture partners. Additional information on Core Development Group is available at www.coredevelopment.ca