Ilot Pasold Residential Project | Montreal, Canada - AZT232

•The sponsor is looking for an investment of $25,000,000 USD in equity to purchase 17 acres land with 2 commercial building on it, then $62,000,000 USD in debt for the construction of the first phase of the project. 75% of the land is vacant and the city targeted this area to be re-qualified to have high density mid-range buildings (4 to 8 floors). •Once the purchase is made, the sponsor will entitle the land to have an approved residential project on it. •The zoning is already in place. The sponsor has calculated 12 months maximum to acquire the permit and proceed. •According to the zoning in place and other projects realized in the area, the sponsor plans to build 1780 residential units on the proposed site. •The 2 existing commercial buildings are currently fully leased and generating a revenue of $1.1M USD net per year so the Sponsor plans to continue leasing them and maintain that revenue stream . The first 4 new buildings will be built to the rear of the land . The sponsor plans to build 1780 residential units over a period of 7 to 10 years, in addition to commercial and retail space. •The demand for rental housing here is strong, the city and the state are facing a shortage of housing as referenced per the studies in Annex 5. The population and the number of households in the PMZ have evolved at a rate greater than that of the reference sectors in five years. Approximately 51,740 people reside in the primary market zone representing approximately 19,790 households. We anticipate that population growth will be sustained with an 8.9% increase in households for 2022-2027 and an expected increase of 5.9% for 2027-2032, which is higher than the reference zones. Many large infrastructural projects are currently under construction in the area , such as a new Hospital ,High School and a Walmart distribution centre in addition to 2 sites for 231 residential apartments which create a good timing to provide housing to the ever increasing population.
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