Transactions & Cases Detail
Menkes and HOOPP complete C$375M joint venture arrangement and construction financing for One York Street
April 3, 2013
375 Million CAD
On April 3, 2013, Menkes Developments Ltd. (Menkes) and Healthcare of Ontario Pension Plan (HOOPP) completed their joint venture arrangement and construction financing for a new landmark office tower in downtown Toronto called One York Street, a new 800,000 square foot, 35-storey, LEED Platinum office development in Toronto’s South Core. The C$375 million senior syndicated financing led by BMO Capital Markets, as lead arranger, one of the larger construction loans completed recently, is available in two tranches: Tranche A (C$364 million) is to finance budgeted project costs for the development, construction and leasing of the Project and Tranche B (C$11 million) is for the issuance of Letters of Credit in favour of Governmental Authorities to secure the performance of the Borrower’s obligations in connection with the Project. The final maturity date on the financing is October 31, 2017.
Menkes Developments, headquartered in Toronto, is a fully integrated real estate company involved in the construction, ownership and management of office, industrial and residential properties.
HOOPP, headquartered in Toronto, is the pension plan for Ontario's hospital and community-based healthcare sector with over 370 participating healthcare organizations and 270,000 members.
McCarthy Tétrault LLP represented BMO Capital Markets and the syndicate of lenders with a team led by Jonathan See.