Following the success of “The Quad 1” which opened in September 2017, the second phase known as “The Quad 2” continues to support the growth of on-campus housing at York University. The 290,000 sq. ft. project encompasses a pair of eight-storey towers, 706 beds and retail at grade. The developer is a consortium made up of Forum Equity Partners, a leading Canadian infrastructure development and investment firm and Campus Suites, an international student housing development company. The partnership was tasked to design, build, finance, maintain and operate the new community.
“The QUAD 2,” which opens in September 2022, posed a challenge to lenders given the complex land-lease and speculative nature of the development.
Working with the senior lender, KingSett was able to offer a unique solution to mitigate complexities of the loan and provide mezzanine financing through a $17.5 million second mortgage.