MONTREAL, Sept. 26,
2023 /CNW/ - National Bank and Otera Capital
announce that they have both provided a green loan to Carttera's
Portland Commons, a new high-performance office building under
construction in downtown Toronto.
National Bank acted as lead syndicator on the loan.
Located at the intersection of Front Street West and Portland
Street, in the heart of Toronto's
King West neighbourhood, Portland
Commons is a new 560,000 square-foot high-performance office
building designed with a focus on employee wellness, technology,
and sustainability. It is developed by renowned Canadian developer
Carttera and will be delivered in 2024. Portland Commons is
targeting the highest environmental and wellness norms, such as
LEED Zero Carbon, LEED Platinum, and WELL Gold certifications. The
building will benefit from Enwave's Deep Lake Water Cooling system.
With 13 private outdoor terraces, green roofs, 367 bike stalls and
spa-like shower/changeroom facilities, Portland Commons will be
positioned as a market leader in the Greater Toronto Area.
"National Bank's Real Estate Group is proud to support Carttera,
as well as sustainability-focused clients in their climate
transition journey. Carttera's innovative and value-driven Portland
Commons project represents a window on the future of livability,
sustainability, and impact in Canadian building developments,"
stated René Demers, Senior Vice-President, Commercial Banking and
Private Banking, Real Estate at National Bank.
"As an institutional investor, we aim to play a significant role
in the transition to a sustainable economy by engaging with our
clients, partners, teams and society to build the cities of
tomorrow—together. Otera Capital is proud to provide its first
green loan by supporting Carttera in this high-quality project,
designed according to superior environmental criteria and focused
on the well-being of communities," said Rana Ghorayeb, President and Chief Executive
Officer, Otera Capital.
"In securing this Green Loan, Carttera continues to reinforce
our position as market leader in environmentally sustainable
development. We are proud to partner with National Bank and Otera
Capital in developing this world-class sustainable asset," said T.
James Tadeson, Founder &
Managing Partner, Carttera.
The Portland Commons building project abides by the Green Loan
Principles published by the Loan Market Association in February 2023.
About National Bank of Canada
With $426 billion in assets as at July 31, 2023, National Bank of Canada, together with its subsidiaries, forms
one of Canada's leading integrated
financial groups. The Bank has approximately 30,000 employees
in knowledge-intensive positions and has been recognized numerous
times as a top employer and for its commitment to diversity. Its
securities are listed on the Toronto Stock Exchange (TSX: NA).
Follow the Bank's activities at nbc.ca or via social media.
About Otera Capital
Otera Capital is an international institutional investor
specializing in commercial real estate financing that cumulates
over 50 years of experience in the industry. Otera leverages its
expertise and vertically integrated teams to transform urban
centres and create long-term value for its clients and partners.
Headquartered in Montréal, with offices in Toronto and New
York, Otera Capital manages a commercial loan portfolio of
C$28.9 billion as at December 31, 2022. To learn more about Otera
Capital, visit oteracapital.com.
About Carttera
Carttera is an award-winning commercial, industrial,
mixed-use, retail, purpose-built rental and residential condominium
developer. Funded by major Canadian pension fund capital, Carttera
has developed over $6.2 billion worth
of projects and over 5,900 residential suites in the GTA and
Montreal. Carttera believes in
collaboration, professionalism and integrity, and has long-term
relationships with tenants, owners, lenders, industry
professionals, and its institutional investors. Follow
at carttera.com or via social media
on LinkedIn.
For more information on Portland Commons go to
portlandcommons.com
SOURCE National Bank of Canada