Wednesday, May 21, 2025
Hazelview Investments has secured one of the largest Canada Mortgage and Housing Corporation (CMHC)-insured loans ever issued under the MLI Select program. The funding will advance the development of 856 new purpose-built rental homes in a community-oriented master-planned site, located at the intersection of Bloor St. West and Dufferin Ave.
“Securing this financing reflects our belief that doing the right thing for communities also delivers long-term value for investors,” said Michael Williams, Head of Development at Hazelview Investments. “The scale and structure of this loan allow us to move forward confidently with a project that meets high standards for livability, sustainability, and financial performance.”
Hazelview’s application to CMHC qualified under both the energy efficiency and accessibility categories of the MLI Select program. The development surpassed baseline requirements, resulting in a total of 120 points, above the program’s maximum benefits threshold.
The project earned the full 100-point energy efficiency incentive by achieving ~40 pe rcent improvement over the National Energy Code for Buildings (2017), driving meaningful reductions in both energy consumption and greenhouse gas emissions, while also providing enhanced indoor comfort, better air quality, and reduced utility costs for future residents.
Hazelview achieved an additional 20 points through Rick Hansen Foundation Level 1 certification. The building complies with CSA B651:23, meaning all homes are 100 percent visitable and all common areas are barrier-free. A share of units will meet full accessibility standards under the Rick Hansen framework.
These features offer meaningful benefits to residents, including those with permanent or temporary disabilities, older adults, and families with young children. The design enables safe, independent movement throughout the building and supports more inclusive urban living.
The overall project is part of a broader vision to deliver long-term community value. A $79.8 million community benefits package is included as part of the development of this site, including a $12.5 million cash contribution to establish land trusts that will acquire affordable housing.
The community benefits package includes:
- a new City-owned community hub and daycare on the first two floors of the former Kent School building
- an 8-storey building with 56 purpose-built units to be conveyed to the City, exclusively for public affordable rental housing
- a new bus-accessible public road that prioritizes the safe and convenient transportation for students and visitors alike
- a new public park
- an underground pedestrian connection to the Dufferin TTC subway station
Each of these elements was designed with the surrounding neighbourhood in mind. By integrating housing, amenities, and infrastructure into one connected plan, Hazelview is contributing to the long-term social and economic health of the area.
“Bloor Street is one of those centrepieces of Toronto. It’s a historic street that defines the east-west spine of the city. Hazelview’s vision for this landmark corner of Bloor St. W and Dufferin Ave., helps raise the standard for apartment living in our city, one that we have yet to see at this quality and scale. They are helping create a true vertical neighbourhood, that is accessible, sustainable, and family-oriented. It’s the kind of multi-unit housing Toronto needs very badly, and we are thrilled that we were able to help support that vision,” says Barry Gidney, AVP, Commercial, First National Financial LP.
Featured image: (Hazelview Investments)
