Elliot (high rise condo)
Metro Vancouver, City of New Westminster.
ACIC issued $9.5 million in financing for the purchase and development of this property in downtown New Westminster, a revitalizing and increasingly popular area within Metro Vancouver. ACIC subordinated its position to allow construction financing to complete the 19-story tower that will provide 129 new condominium units including eight townhomes. Three-quarters of the units were already sold as of June 2016. The project is located two blocks from a rapid transit station, with direct routes to downtown Vancouver and elsewhere, and immediately adjacent to a newly built school and to St. Mary’s Park. It is also within walking distance of historic Columbia Street and the lively quay and market along the Fraser River waterfront.
Carleton (retail and condo)
Metro Vancouver, City of Burnaby.
ACIC issued $1.1 million in financing, in April 2011, covering most of the $1.39 million purchase price of this property, located on Hastings Street in Burnaby. The property has subsequently been appraised at a value of $3.99 million. Existing structures were demolished in the spring of 2016, and it is now in the early phases of re-development. With an expected completion date of fall of 2017, the new mixed-use development will include street-level retail and 30 condominium units on its upper levels.
