Dream CMCC Capital Fund II Limited Partnership

  • $65,000,000
  • Manager commitment of $10 million
  • Closed Q2 2014
  • Fully committed; 15 total investments – 4 mezzanine loans, 11 joint venture equity
  • Fund investments located in the Greater Toronto Area and Vancouver, in addition to 2 mezzanine loans located in Edmonton, both of which are fully repaid
  • Fund projects well diversified across low, mid, and high rise residential, street front retail, and student residence
  • 4 of 5 mezzanine loans repaid to date
  • Anticipated annualized investor return, net of fees, of greater than 20.0%.

Dream CMCC Capital Fund 2 is closed and has targeted a 15% rate of return.

LOCATION TOTAL
COMMITMENT
ESTIMATED 
PROJECT 
IRR*
INITIAL
FUNDING
DATE
ESTIMATED
REPAYMENT
DATE
CURRENT
STATUS
MEZZANINE
Univ. of Waterloo High-rise Waterloo $8,500,000 19.0% Sep-14 May-17 Repaid
Univ. of Alberta Mid-rise  Edmonton $1,145,000 14.6% Sep-14 Feb-17 Repaid
Leslieville Mid-rise  Toronto  $3,000,000 14.4%  Jul-14  Jun-16  Repaid 
Downtown East & Jasper Park Apartments   Edmonton  $1,195,000 16.1%  Jun-15  Apr-17  Repaid 
Vaughan Townhomes  Toronto   $2,000,000 17.5%  Sep-15  Oct-18  Partner loan. 90% pre-sold. Lot servicing completed. 
SUBTOTAL $15,840,000 17.4%
EQUITY JOINT VENTURE
Entertainment District Retail Toronto $1,370,000 17.0% Oct-14 Feb-20 Re-leased above proforma, awaiting final remaining lease expiry in Dec-2018
Entertainment District Retail Toronto $2,360,000 52.3% Apr-15 Sep-17 Firm deal in place to sell the property.
Entertainment District Retail   Toronto $1,100,000  15.0%   Oct-15  Dec-17  Renovations and lease-up complete. To market property for sale in fall 2017
Lawrence Park Townhomes  Toronto  $2,880,000  15.8%  Jan-15  Feb-19  Awaiting OMB decision, expected Q3 2017
 Markham Low-rise  Toronto  $13,025,000  16.8%  Jul-15 May-23  Draft plan approval and sales launch expected Q2 2018 
 Vaughan Townhomes  Toronto  $8,750,000  35.0%  Sep-15 Oct-18   90% pre-sold. Lot servicing completed. Foundation work in process
 High Park Mid-rise  Toronto  $3,450,000 26.0%  Mar-15   Sep-19  Zoning approved. 70% pre-sold
 Scarborough City Centre - Master plan residential  Toronto  $11,100,000 29.4%   Nov-15  Nov-21  Application submitted. Development plan includes 1.40 million sq. ft. of residential density
 North Van. Mid-rise  Vancouver  $5,950,000  25.0%  Aug-15  Feb-19  Zoning approved 100% pre-sold. Construction began May-17
Downtown East High-rise   Toronto  $2,650,000  26.0%  Jul-14  Mar-20  Construction underway. Completion expected in Q1 2020
Downtown North High-rise  Toronto  $3,500,000  35.0%  Jun-15  Jun-21  Construction in process. Unit closings expected Q2 2021
SUBTOTAL $56,135,000 26.5%
TOTALS $71,975,000 24.5%
 *IRR=annualized project return