CIBC provides C$20.5M financing for a Port Moody self-storage development
On August 13, 2026, Canadian Imperial Bank of Commerce ("CIBC") acted as lender, in connection with a C$20.5 million acquisition and construction financing for the acquisition and development of a self-storage property at 2120 Vintner Street, Port Moody, British Columbia. The facility included an initial construction draw of up to C$15 million. Registered title to the property was acquired by 1596863 B.C. Ltd. as nominee for Access Self Storage Inc., the beneficial owner.
The financing combined acquisition and construction funding within a single facility and required a security structure addressing both registered and beneficial ownership. In addition to mortgage security and an assignment of rents, the package included assignments of material project agreements, construction contracts, insurance and the development services agreement, together with a cost overrun and completion guarantee from Access Self Storage Inc.
McCarthy Tétrault LLP advised CIBC with a team led by George A. Plummer that included Damiana Pavone and Roberta Cooper (Real Property & Planning Group).
