About the Business
In 1973, the Parkdale United Church Foundation (PUCF) was founded by its congregation in order to better serve marginalized members of the community. In 1976, PUCF developed the Green Phoenix apartments, a not-for-profit housing complex at the corner of King Street and Dunn Avenue. For decades, the Green Phoenix apartments have helped over 200 families secure safe, affordable housing in the face of increasing rent costs.
About the Loan
As the Green Phoenix apartments continue to operate at full capacity, there is an urgent need to expand Parkdale’s affordable housing stock. To this effect, VCIB partnered with PUCF in March 2021 to provide a $1.75M mortgage for the purchase of a neighbouring building at 1337 King Street West, to be used by PUCF as the future site of a second apartment for affordable housing. While development is still in the preliminary stages, PUCF is expected to begin work on the property in earnest.
About the Impact
As the waitlist for the Green Phoenix apartments continues to grow beyond 200 applicants, many individuals are struggling to find available affordable apartments in the neighborhood. Average rents for studio apartments in Parkdale have nearly doubled since 2017, from $800 to $1500. With many members of the Parkdale community struggling in the face of these increasing rents, it is particularly important that PUCF work to build high-quality affordable rental stock. VCIB’s $1.75M commercial mortgage financing helps advance PUCF’s intention to create more affordable housing in Parkdale.
–
The information provided herein is intended for informational purposes only and is not intended to constitute investment, financial, legal, accounting, tax, or other advice and should not be relied upon for such purpose. Always consult a professional regarding your specific needs and circumstances. Customer results may vary. The customer endorsements that appear on this page were solicited by VCIB.
