Trump Toronto finally secures financing
March 23, 2007 at 6:43 pm | In canada, deals, development, donald trump, finance, toronto | Leave a Comment
Trump Organization announced this afternoon that they had successfully secured development funding for “Trump Toronto” the Organization’s first official international project at the corner of Bay and Adelaide in downtown Tdot.
Trump secured $310 million from Raiffeisen Zentralbank Österreich, Austria’s largest banking group; backed by their development partners Talon International Development with construction expected to begin this summer:
“With over $250-million in pre-construction sales from buyers world-wide, Trump Toronto is truly an international success story, I am very pleased that we were able to leverage our international business interests to secure construction financing with an exceptional European financial institution like RZB;” Talon Chairman Alex Shnaider was quoted as saying.
Starting prices for remaining remaining Trump Tower hotel condominium suites start at CAD $800,000 (Euro 520,000); residential suites start at CAD $1.8 million (Euro 1,170,000).
Further information on Trump Toronto, please call 905-417-3507 or email barrylandsberg@trumptoronto.ca.
For information on RZB bank, call +43-1-71 707-1753 or email andreas.ecker@rzb.at
Can you do the Calgary banana?
October 23, 2006 at 5:19 pm | In calgary, canada, design, development | Leave a CommentI swear in a few days, they’ll be doing the dance in honour of cowtown’s newest icon; The Banana.
We anticipate the “Calgary Banana” will be similar to the “Chicken Noodle Soup,” exemplified by Ms. Janet Jackson in a recent performance.
The Calgary Banana 
The Chicken Noodle Soup
EnCana, Calgary’s largest oil and gas producer, has unveiled plans to construct a giant monument to its success, one that will dominate the city’s skyline when completed in 2011.
The 59-storey tower (also dubbed The Bow) will not only be the tallest office tower west of Toronto, it will also be among the most architecturally unique, with an energy-efficient, bow-shaped design reminiscent of Toronto’s city hall.
“Calgary’s [oil] boom has drenched the city in money … (the) unveiling of EnCana Corp.’s planned $1-billion, glass-and-steel office tower is unlike anything the city has ever seen, an instant icon that will stand at the forefront of 21st-century architecture.”
Canadian real estate giant enters Brazil
September 19, 2006 at 3:22 pm | In brazil, canada, commercial, deals | Leave a CommentMONTREAL —Ivanhoe Cambridge, the real estate giant is entering the Brazilian market with a stake in management company Ancar Gestao. The properties are: Conjunto Nacional in Brasilia; Shopping Iguatemi in Porto Alegre; and Nova America in Rio de Janeiro. The three shopping centres will continue to be managed by Ancar on behalf of the new joint venture.
The company, with assets of about $9.3 billion, is also active in the United States, Asia and Europe and its holdings include 65 shopping centres. Based in Montreal, Ivanhoe Cambridge is a real estate subsidiary of Quebec’s Caisse de depot et placement, the largest institutional fund manager in Canada. It is one of Canada’s top property owners, managers, developers and investors, focusing on shopping centres located in urban areas.
The transaction in Brazil “marks a new stage in Ivanhoe Cambridge’s strategy to geographically diversify its portfolio and expand its network,” said CEO Rene Tremblay.
Ancar is a private real estate company founded in 1972 by the Carvalho family. Its current chairman is Sergio Andrade de Carvalho.
Property scams on the increase in Canada
September 5, 2006 at 6:27 am | In canada, crime, fraud | Leave a CommentPaul Reviczky, 89, who fled Hungary for Canada in 1957 in order to escape communism, has become the latest in a string of victims of property title fraud in Canada, Reviczky’s Toronto bungalow was sold without his knowledge, leaving him hundreds of thousands of dollars out of pocket and he is unable to recover his property because local laws favour purchasers over victims of fraud. The crime has left the property in a state of legal limbo with the purchaser unable to live there and Reviczky legally unable to even to enter the premises. “I was shocked to learn that this could be the law in Canada,” Reviczky told the Toronto Star. “I fled Hungary to escape lawlessness like this and now my sense of security in Canada is gone.”
Reviczky, who hasn’t seen a cent of the proceeds, is more interested in recovering his home than the profits from its sale. However, Ontario law recognises a purchase as valid in cases, like this, where a purchaser is not in on a scam. Reviczky’s situation has several local precedents. Widow Susan Lawrence faces the loss of a home she’s lived in for 30 years after crooks used publically available information to pose as her and sell her home out from under her feet.In another case, an actress lost her home to ID thieves who sold her property to an accomplice, who disappeared after securing a bogus $250,000 mortgage in her name.
[full story via Fark]
Construction begins on major Toronto office complex
July 20, 2006 at 10:00 am | In canada, commercial, construction, toronto | Leave a CommentBrookfield Properties was expected to kick off construction Wednesday on a 50-storey office complex located just steps from the Toronto Stock Exchange and skyscrapers for Canada’s five biggest banks. The Bay-Adelaide site will house downtown’s first major commercial development since 1992. Sources said Tuesday that construction costs were estimated at about $300 million, but total investment costs were not known.
source
The Canadian bubble
July 18, 2006 at 8:31 am | In bubble, canada | Leave a CommentThe Ottawa Citizen reports on the housing bubble in Canada.
“We Canadians love our shelter, and like many others around the globe, we’re increasingly willing to pay a whole lot of money for it. But in many hotspots, prices have started to slide, as has the number of home sales. Australia is well into a slump. Closer to home, the U.S. Northeast had 4.2 per cent fewer sales so far this year, the Midwest 3.8. In parts of California, home sales are down by more than 20 per cent. In Ottawa, there’s a definite cooling under way.
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Bank of Canada holds steady
July 12, 2006 at 12:52 pm | In bubble, canada | Leave a CommentCanada’s hot real estate market shows no immediate sign of cooling. The BOC holding rates steady at 4.25%, a questionable move in some peoples eyes, considering Canada’s inflation growth rate is now above target.
Canada: Aboriginal land protest turns ugly
April 25, 2006 at 2:02 pm | In canada, development, legal, politics | Leave a CommentThe developers whose housing project triggered a seven-week-long standoff near Caledonia, Ont., say they will consider all options to end the dispute, which has left them frustrated by the government’s handling of the case. via CBC
Toronto’s niche market is no longer niche
April 14, 2006 at 3:33 am | In canada, investment, toronto, urban | Leave a Comment
John Meehan, president Toronto Real Estate Board:
“Year after year the property values keep rising and there doesn’t seem to be an end in sight, despite the predictions, when you look at cities like Boston and Chicago, I would suspect that we’re very much the same. It used to be considered the alternate lifestyle and now it’s the preferred lifestyle. This niche market is no longer just a niche.”
Canada’s "hot"
April 8, 2006 at 5:13 pm | In canada | Leave a Comment
Mild winter weather prompted Canadians to buy more homes than usual in the first three months of the year, pushing house prices even higher, says Royal LePage Real Estate Services.
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