Cameron Stephens Equity Capital announces acquisition and partnership on two new Toronto condo towers with Originate Developments and Westdale Properties

TORONTO, Aug. 8, 2022 /CNW/ - Newly established Cameron Stephens Equity Capital has partnered with Originate Developments and Westdale Properties to develop a pair of major high-rise condo developments in Toronto. The proposed plans include a respectful reimagining of the Japanese Canadian Cultural Centre (JCCC) in North York, transforming the site into two residential towers rising 48 storeys and 55 storeys. The second proposal is for a 58-storey connected community at Jarvis and Earl Place. High-rise applications for both projects were submitted to the City in late July.

The two-tower proposal at 123 Wynford Drive in North York is an adaptive reuse project that will see the currently vacant JCCC redesigned by the cultural centre's original architecture firm, Toronto-based Moriyama Teshima Architects (MTA). At Jarvis and Earl Place, future residents of the sleek Kirkor Architects and Planners-designed tower will have many of the city's most sought-after neighbourhoods only a short walk or bike ride away.

As Cameron Stephens Equity Capital's first major condo projects, both are ambitious in their scale and smartly located in transit-connected areas, representing the perfect entry point into the residential high-rise equity financing space for the firm. To date, Cameron Stephens Equity Capital has invested in four projects, including an industrial site along the 401 and a low-rise residential development.

"The expertise and years of experience present on our advisory board allows us to make excellent decisions when it comes to site selection and choosing the right partners. Our partners then have access to this advisory board as we navigate bringing the project to fruition together. Our group also contributes a substantial proportion of capital to the raise. This 'skin in the game' is important to the market and gives us an edge over groups that rely more heavily on third-party investors for their raises," says Steve Cameron.

Established in 2004 by former MCAP President Scott Cameron, Cameron Stephens Mortgage Capital Ltd. entered the market as a boutique firm offering its developer clients term financing and commercial mortgages, mezzanine loans, inventory loans and a range of other financing solutions. Scott was joined by his son Steve Cameron in 2011, and the firm continued to expand its portfolio. Today, with Scott as Chairman and CEO and Steve as Executive Vice President, the firm has mortgages under management totalling $2.8 billion CAD and 25 institutional partners across Canada.

As part of its ongoing evolution, the firm entered the equity capital space in 2020 through its subsidiary Cameron Stephens Equity Capital. Scott and Steve tapped experienced developer Sean Fleming to lead the subsidiary as Managing Director. Together, Steve Cameron and Fleming aim on creating a distinct offering in the space centred on their ability to be nimble in raising and deploying capital while confidently and quickly evaluating deals with the support of a seasoned advisory board.

The firm found a strong partner in Originate Developments and its Founders Adam Sheffer and Darryl Firsten, who, along with Westdale Properties, are now well-positioned and capitalized to bring over 1,000 proposed new housing units to two desirable sites in North York and the city's downtown east.

"Originate has a deep understanding of the complexities of the development process and identified two fantastic sites that our team and advisory board were excited to move forward with. Now that the high-rise applications for the sites have been submitted, we are confident these sites will be rezoned appropriately, and both projects will be brought to life, adding more vibrancy to the communities where they are located," says Sean Fleming.

As 123 Wynford Drive and Jarvis and Earl Place begin to take shape, Steve Cameron and Fleming plan on identifying new developer partners to further expand their portfolio.

For more information, please visit https://cameronstephens.com/cameron-stephens-equity-capital/

As a complement to its mortgage lending business, Cameron Stephens started Cameron Stephens Equity Capital in 2020 to provide a new product offering to its developer clients, while continuing to offer strong risk-adjusted returns to its investors. The equity team is focused on attracting and supporting best-in-class development partners while delivering market-leading returns for investors. The team is comprised of highly specialized individuals with deep relationships and expertise in the development industry.

SOURCE kg&a