About the Business
Founded in 1994, Dream has emerged as one of Canada’s leading real estate companies with over $13 billion in assets across North America and Europe. Dream focuses on developing large-scale, urban and suburban communities. With a vision to revolutionize the way people live and work, Dream is committed to investing with purpose by focusing on building better communities that deliver financial returns. Dream’s group of companies include Dream Unlimited Corp., Dream Impact Trust, Dream Office REIT, Dream Industrial REIT, and Dream Equity Partners.
About the Loan
VCIB provided a secured non-revolving loan in the amount of $14,500,000 to assist in the acquisition and capital improvements of a three-storey commercial and office building located at 68-70 Claremont Street, Toronto, Ontario. The property, which has a leasable area of approximately 30,000 square feet, will offer office spaces and a curated ecosystem of amenities and services that promote health and well-being in the community.
About the Impact
The building at Claremont Street is Dream’s first acquisition under the company’s new impact investing approach. As such, Dream has big plans for this property (which is currently in the process to achieve a BOMA Best Certification).
To increase the energy efficiency of the building and reduce GHG emissions, Dream will install LED lighting and upgrade the HVAC system. The water fixtures will also be replaced with high-efficiency, low-flow fixtures to increase the property’s water efficiency. To improve tenant health and wellbeing, Dream will install CO2 sensors to control fresh air circulation and use MERV-13 filters to enhance indoor air quality. Ramps will also be installed to improve the building’s accessibility and bike parking will be available to promote alternative transportation usage.
Besides supporting Dream’s acquisition of the building, VCIB will finance the renovations needed to create safe and high-quality spaces. As Canada’s only Schedule 1 values-based bank, VCIB’s real estate financing team focuses exclusively on projects that drive positive change. Visit our Social Purpose Real Estate page to learn about our project financing.
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