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About CMCC Capital Funds

CMCC Capital Funds are private real estate investment funds with a focus on residential and commercial developments in major Canadian urban centers.

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Queensway & Royal York

Project Snapshot:

Mid-rise development site located at Queensway & Royal York Road in Etobicoke, in the west end of
The proposed development consisted of an 8 storey mixed-use condominium building containing 198 residential units and 182,100 square feet of proposed gross floor area (GFA) plus a two-level underground garage to include 210 parking The balance of the project is proposed for 7,000 square feet of ground floor retail space.
The development partner is an experienced mid-rise developer with a strong following due to its reputation for innovative
The project rezoning is draft approved and public sale started in Q4 2020.
Commencement of construction is anticipated in the fall of 2021 with occupancy to commence in the fall of 2023.

Return Summary:

Projected IRR:20.92%.
Projected Equity Multiple:2.24x.
Estimated repayment date: December 2023

York Downs Golf Course

Project Snapshot:

Low-rise residential development on a 417-acre parcel of land located at Warden and 16th Avenue, currently operating as the York Downs Golf Course.
The final Local Planning Appeal Tribunal (LPAT) (formerly OMB) board order was received in October 2019 and the project is fully rezoned for its highest and best value.
Our approved development plan consists of a total 1,038 residential units containing 373 single detached dwellings, 498 townhouses, and 167 mid-rise condominium units.
The Sponsor is an award-winning low-rise developer in the local market and has built more than 1,000 homes including boutique condominium suites, elegant townhomes, executive detached homes and custom homes in the subject neighborhood.

Return Summary:

Projected IRR: 16.8%.
Projected equity multiple: 6 x.
Estimated repayment date: December 2026.

Richmond & Bay

Project Snapshot:

A 54-storey condominium development containing 798 residential units at Richmond & Bay in Downtown Toronto.
The project was 100% pre-sold and the construction was completed in Q3 2016.
Occupancy started in August 2016.
The project achieved a total profit of $87 million, representing a 39.7% return on cost.

Return Summary:

Realized IRR:44.2%.
Realized equity multiple:3.88x.
The investment was fully repaid in December 2016.

Jenifer Scoffield, CPA, CA

President, Chief Executive Officer, Founder

Jennifer Scoffield joined Atrium in 2015. She has extensive experience with both public and private companies in audit, accounting, financial statement preparation and public offerings on Canadian stock exchanges, and was previously the CFO of a TSX- listed company. Ms. Scoffield is a Chartered Professional Accountant and holds a BComm from Queen’s University.

Marianne Dobslaw

Managing Director, British Columbia

Marianne Dobslaw joined CMCC in May, 2014 as Managing Director of British Columbia. Ms. Dobslaw has extensive mortgage banking experience, most recently as a Vice President for ten years at a major private non-bank lender, and before that as Director of GE Capital and Vice President of Citibank Canada. Ms. Dobslaw is licensed by the Real Estate Council of Alberta as a Mortgage Associate, and by the Financial Institutions Commission of British Columbia as a Submortgage Broker. She has a B.Sc. (Civil Engineering) from the University of Alberta, and an MBA from the University of British Columbia. Ms. Dobslaw has over thirty years’ experience in residential and commercial mortgage financings throughout Western Canada. She has originated, structured and underwritten a wide range of real estate financings including construction, term, and high-ratio mezzanine and equity participation facilities across all asset classes.

Bram Rothman

Managing Director, Ontario

Bram Rothman specializes in sourcing mortgage loan and equity joint venture opportunities in Ontario. In his 16 years’ experience with the company, he has arranged over $1 billion of debt and equity transactions on development/construction projects and income producing properties. Prior to working for CMCC, he worked as an analyst for a major commercial real estate services company. Mr. Rothman is licensed under the Financial Services Regulatory Authority of Ontario as a Mortgage Agent, and he also holds a Masters of Business Administration degree with a specialization in Real Property Development from the Schulich School of Business (York University).

Richard Munroe

Managing Director, Ontario

For more than 13 years, Richard has been a part of the origination team at CMCC. In his current role as Managing Director – Ontario, Richard is primarily responsible for sourcing and managing mortgage and equity investment opportunities in major Ontario population centres with a particular emphasis on the Greater Toronto Area. Richard has arranged in excess of $1.0 billion in term, construction, mezzanine and equity financing across both the residential and commercial real estate sectors and is also responsible for the asset management of several third party mortgage portfolios on behalf of investor clients. He is licensed under the Financial Services Regulatory Authority of Ontario as a Mortgage Agent.

Robert Goodall, MBA

President, Chief Executive Officer, Founder

Robert Goodall is the President and founder of Canadian Mortgage Capital Corporation (‘CMCC’), a company that has two primary activities: (i) managing the operations of Atrium Mortgage Investment Corporation, a $680 million non-bank lender which trades on the TSX, and (ii) managing various private real estate funds, totaling over $200 million that invest with major developers across Canada. CMCC’s head office is in downtown Toronto, and the company has 2 branch offices in western Canada. In its history, CMCC has arranged financing on over $6 billion of real estate in Ontario, and funded more than $1.7 billion of loans and equity investments across Canada.

Prior to founding CMCC, Mr. Goodall spent seven years with Royal Trust, where the last three years were served as National Managing Director of the Real Estate Finance Group with a portfolio of $1.4 billion in commercial and multi-residential real estate loans. Mr. Goodall is a trustee of two publicly held REITs and director of a registered charity, Jump Math. Mr. Goodall has an HBA from the Ivey Business School, and an MBA from the Schulich School of Business.

Queen St. & Church St.

Project Snapshot:

High-rise condominium development site located at Queen Street East & Church Street in downtown Toronto. The 11,770 square foot site is in the middle of a downtown area that is undergoing revitalization with a number of large developments planned and underway in the immediate area.
The proposed development consisted of a 57-storey residential tower containing a total gross floor area of (GFA) of 320,404 square feet and 445 residential units.
The development partner is a prominent high-rise developer.
Rezoning approval is anticipated in Q4 2020. Once approved, the site will be listed for sale.

Return Summary:

Projected IRR: 14.5%.
Projected equity multiple: 1.8x.
Estimated repayment date: Q2 2021.

Danforth & Main

Project Snapshot:

A 2.9-acre transit-oriented site at Danforth Avenue & Main Street in Toronto. The site is currently improved with 14 single-storey self-storage buildings with a net annual operating income of between $1.1 and $1.2 million.
The rezoning application was submitted in November 2019. The proposal contemplates a total GFA of 1,330,978 square feet in three towers of 49, 46 and 40 storeys, consisting of 1,425 residential units and a 52,364 square feet community center.
Re-zoning of the property is anticipated to occur by Q4 2021 and the development partner intends to sell the site once zoning approval is achieved. Potential purchasers will either be purpose-built apartment or condominium developers.

Return Summary:

Projected IRR:93%.
Projected equity multiple:00x.
Estimated repayment date: November 2022.

King & Bathurst

Project Snapshot:

The property consists of two retail/residential buildings located at King Street and Bathurst Street in downtown Toronto.
At inception, the property was fully leased at below-market rents. The strategy was to renovate and re-lease the existing space at lease maturity. The property was to be marketed for sale once successfully re-leased at market rents.
As of Q1 2020, all matured leases have been re-leased at above pro forma rents. The property is currently being marketed for sale by CBRE Urban Retail Group.

Return Summary:

Projected IRR: 30%.
Projected equity multiple: 2.0x.
Estimated repayment date: Q1 2021.

Mountain Hwy & Crown

Project Snapshot:

Mixed use development located in the Lynn Creek area of North Vancouver.
The development plan comptemplates two phases:
- Phase 1: Two 5-storey wood mid-rise towers containing a total of 113,345 square feet of residential gross floor area (GFA) and 124 residential units, comprised of 40 affordable rental units and 84 market rental units.
- Phase 2: A 29 storey concrete high-rise residential tower containing 220,259 square feet of residential GFA and 218 residential units. The launch of pre-sales for phase 2 is targeted to start in February 2022 for a 9-month sales program.
- The balance of the project comprises 32,266 square feet of commercial space including 10,000 square feet for a proposed day care facility. A letter of intent was signed on February 12, 2020 by the day care provider and the lease is currently being finalized.
The development partner has extensive high-rise, mid-rise and low-rise experience in Vancouver.
Rezoning approval was estimated to occur by Q2 2021.

Return Summary:

Projected IRR:5%.
Projected equity multiple:8x.
Estimated repayment date: Q2 2024.

Dupont & Shaw

Project Snapshot:

8 acres mixed-use development site at Dupont Street and Shaw Street in the new Dupont community in downtown Toronto.
The site has approved zoning in place which allows the development of a 9-storey mixed use building with total residential GFA of 282,981 square feet containing 331 residential units. The balance of the project will comprise 31,822 square feet of commercial space, and 336 parking stalls.
The developer partner is one of the largest residential developers in Canada.
Sales launch is anticipated to commence in Q4 2020.

Return Summary:

Projected IRR:5%.
Projected equity multiple:8x.
Estimated repayment date: Q2 2024.

Rutherford & Glidden

Project Snapshot:

Industrial condominium conversion project located at Rutherford Road & Glidden Road in Brampton.
The site is improved with a single-storey, multi-user industrial building containing 127,400 square feet demised into 11 units averaging 11,582 square feet each. The majority of units feature two truck-level shipping doors with four units featuring a drive-in door as well.
The property was acquired in January 2020. The strategy is to complete a capital improvement plan prior to marketing units for sale to end users or investors.
The development partner has extensive industrial condominium conversion experience.

Return Summary:

Projected IRR: 21.65%.
Projected equity multiple: 1.52x.
Estimated repayment date: January 2023.

GTA portfolio

Project Snapshot:

A four property industrial portfolio located in Vaughan, Mississauga, Brampton & Burlington.
The properties include 450,596 square feet of leasable/saleable square feet within 10 buildings.
The Mississauga property was sold for $26,150,000 in June 2019 vs. acquisition price of $22,000,000.
The two properties in Vaughan and Brampton have both achieved condominium registration and currently pre-sold at 46% and 28% respectively.
The remaining property in Burlington is fully leased until November 2026.

Return Summary:

Projected IRR: 0%.
Projected equity multiple: 5x.
Estimated repayment date: July 2022.

Williams Parkway & Humberwest Parkway

Project Snapshot:

Industrial condominium conversion project located at Williams Parkway & Humberwest Parkway in Brampton.
The site is improved with six single-storey, multi-user industrial buildings containing 132,402 square feet and demised into 59 units averaging 2,244 square feet each, with loading door access at the rear.
At the time of acquisition, units were 98.5% leased with a weighted average remaining lease term of 2.3 years and approximately 80% of leases containing termination clauses.
The development partner has extensive industrial condominium conversion experience.
The condominium was registered in July, 2020.
The project is 32% sold at an average price of $269 per square foot which compares to the original underwritten assumption of $255 per square foot.

Return Summary:

Projected IRR: 20.95%.
Projected equity multiple: 1.40x.
Estimated repayment date: March 2022.

Queen & Hwy 410

Project Snapshot:

The site is improved with a single-storey multi-user industrial building containing 30,364 square feet of leasable area to be converted to industrial condominiums.
The building is demised into 12 units ranging in size from 1,268 to 3,069 square feet with an average unit size of 2,530 square feet.
The development partner is experienced with similar industrial condominium conversions in the Brampton area.
Condominium registration was completed in July 2020.
The project is 84% sold at an average price of $319 per square foot which compares to the original underwritten assumption of $255 per square foot.
The final repayment date is estimated in December

Return Summary:

Projected IRR:0% vs. initial underwriting of 19.1%.
Projected equity multiple:7x vs. 1.5x at deal inception.
Estimated repayment date: December 2020.

Major Mackenzie & Hwy 400

Project Snapshot:

Low-rise residential development for 206 townhomes on a 10.1-acre parcel of land located at Major Mackenzie Drive and Highway 400, just west of Canada’s Wonderland.
The development was successfully completed in Q2 2019.

Return Summary:

Realized IRR: 30%
Realized equity multiple: 2.7x.
The investment was fully repaid in 2019.

Yonge & Wellesley

Project Snapshot:

High-rise development located at Yonge Street & Wellesley Street West in downtown Toronto.
The project rezoning has been approved for a 55-storey tower with a gross floor area (GFA) of 403,000 square feet and 602 residential units. Sales launch is expected in January 2021.
The development partner is a long-term client of CMCC and one of the top high-rise developers in downtown Toronto.

Return Summary:

Projected IRR: 18.6%.
Projected equity multiple: 2.8x.
Estimated repayment date: April 2026.

Front & Sherbourne

Project Snapshot:

High-rise development site located at Front Street & Sherbourne Street in the east end of downtown Toronto.
The proposed development consisted of a mixed-use condominium building of 38 storeys in height including 321,330 square feet of gross floor area (GFA) comprised of 439 residential units and 14,889 square feet of commercial space, plus a six-level underground garage.
The development partner is one of the largest residential real estate developers in Canada.
The project has received rezoning approval and marketing is anticipated to commence in Q1 2021.

Return Summary:

Projected IRR: 18.41%.
Projected equity multiple: 2.12x.
Estimated repayment date: June 2025.

Bayview & Finch

Project Snapshot:

Mid-rise condominium project located on the north side of Finch Avenue, east of Bayview Avenue in North York.
The site is approximately 2.3 acres in size and has 500 feet of frontage along the north side of Finch Avenue overlooking an expansive ravine.
The proposal submitted contemplates a 12-storey mixed use building with a total residential GFA of 299,754 square feet containing 206 residential units. The balance of the development will include 9,651 square feet of retail GFA and 311 parking spaces.
The project features an exceptionally strong sponsor group comprised of two prominent residential developers, including the largest multi-residential developer in Toronto, with whom CMCC has developed a strong relationship over the last 15 years.

Return Summary:

Realized IRR: 00%.
Realized equity multiple: 20x.
Estimated repayment date: November 2026.

Dixie & Highway 401

Project Snapshot:

Industrial condominium conversion project located at Dixie Road & Hwy. 401 in Mississauga.
The site is improved with a single-storey, multi-user industrial building containing 62,791 square feet demised into 30 units averaging 2,093 square feet each, 13 of which feature truck level shipping doors and 17 of which feature drive-in shipping doors.
Condominium registration was complete on August 21, 2020.
To date, 25 units totaling 51,763 square feet or 84% of GSA have been sold firm at an average price of $290 per square foot as compared to our original underwriting of $255 per square foot. Revenues from firm sales to date are approximately $1.8 million above pro forma.
The sponsor has industry expertise with a number of existing and recently completed industrial condominium conversion projects.

Return Summary:

Projected IRR: 43.03%.
Projected equity multiple: 1.73x.
Estimated repayment date: January 2022.

St. Clair and Spadina

Project Snapshot:

Mid-rise condominium project located on the north side of Bloor Street West, west of Royal York Road in Etobicoke.
The site is approximately 4.1 acres in size (179,000 square feet) and has 569 feet of frontage along Bloor Street West.
The proposal contemplates a 13 storey (excluding mechanical penthouse) mid-rise building with a total residential GFA of 466,033 square feet containing 319 residential units. The balance of the project consists of 4,772 square feet of retail space and three levels of underground parking, providing a total 449 parking stalls.
The developer is one of the largest multi-residential real estate developers in Canada with whom CMCC has developed a strong relationship over the last 15.

Return Summary:

Projected IRR:05%.
Projected Equity Multiple:09x.
Estimated repayment date: May 2026.

Bloor Street West & Royal York Road

Project Snapshot:

Mid-rise condominium project located on the north side of Bloor Street West, west of Royal York Road in Etobicoke.
The site is approximately 4.1 acres in size (179,000 square feet) and has 569 feet of frontage along Bloor Street West.
The proposal contemplates a 13 storey (excluding mechanical penthouse) mid-rise building with a total residential GFA of 466,033 square feet containing 319 residential units. The balance of the project consists of 4,772 square feet of retail space and three levels of underground parking, providing a total 449 parking stalls.
The developer is one of the largest multi-residential real estate developers in Canada with whom CMCC has developed a strong relationship over the last 15.

Return Summary:

Projected IRR:05%.
Projected Equity Multiple:09x.
Estimated repayment date: May 2026.

Queen & Hwy 410

Project Snapshot:

The site is improved with a single-storey multi-user industrial building containing 30,364 square feet of leasable area to be converted to industrial condominiums.
The building is demised into 12 units ranging in size from 1,268 to 3,069 square feet with an average unit size of 2,530 square feet.
The development partner is experienced with similar industrial condominium conversions in the Brampton area.
Condominium registration was completed in July 2020.
The project is 84% sold at an average price of $319 per square foot which compares to the original underwritten assumption of $255 per square foot.
The final repayment date is estimated in December 2020.

Return Summary:

Projected IRR:0% vs. initial underwriting of 19.1%.
Projected equity multiple:7x vs. 1.5x at deal inception.
Estimated repayment date: December 2020.

North & Austin

Project Snapshot:

High-rise condominium development located in the Lougheed Town Centre area of Coquitlam, B.C., 700 meters from the Lougheed Skytrain station. The site is 2 acres in size, surrounded by a golf course and park.
The project is approved for two towers, 23 & 28 storeys, containing approximately 307,700 square feet of saleable area.
The developer is one of Vancouver’s premier real estate developers with a residential portfolio that includes more than 10,000 homes that are complete, in design or currently under construction.
The project is currently 93% pre-sold across both towers and construction is well under way with completion anticipated in September 2021.

Return Summary:

Projected IRR: 27.5%.
Projected equity multiple: 2.3x.
Estimated repayment date: October 2021.

King & Strachan

Project Snapshot:

High-rise development located at King Street West and Strachan Avenue in Liberty Village.
The project is approved for 31 storeys with 328,000 of saleable square feet including 538 suites and 7 levels of underground parking.
The construction is substantially complete and the condominium was registered in July 2020. The first closing commenced in August 2020.

Return Summary:

Projected IRR: 89.5%.
Projected equity multiple: 78 x.
Estimated repayment date: December 2020.

Bloor & Parliament

Project Snapshot:

High-rise development site located at Bloor Street East and Parliament Street in mid-town Toronto.
The site has approved zoning in place for two condominium towers, 35 & 48 storeys, containing 372 & 388 units, respectively.
Units remain 96% pre-sold across both towers and construction completion is estimated for Tower 1 & 2 by October and December 2021, respectively.
The developer is one of the largest multi-residential real estate developers in Canada.

Return Summary:

Projected IRR: 5%.
Projected Equity Multiple: 2x..
Estimated repayment date: January

Roncesvalles & Bloor

Project Snapshot:

Mid-rise development in Toronto’s high park neighborhood, located at the intersection of Roncesvalles and Howard Park.
The development is approved for 82,900 saleable square feet and 89 units contained within an 8-storey concrete building fronting on Roncesvalles and a row of four 3-storey townhouses fronting Howard Park.
The project is presently 81% pre-sold and under construction. Construction completion is expected in March 2021 with condominium registration projected for April 2021.

Return Summary:

Projected IRR:1%.
Projected equity multiple: 2.95x.
Estimated repayment date: May 2021.

Scarborough City Centre

Project Snapshot:

8-acre site located at the northeast corner of Consilium Place and Progress Avenue, approximately 250 meters from Scarborough Town Center.
The site is part of Scarborough Centre, one of four provincially designated urban growth centers within Toronto. Several major developments in the vicinity of the site have been approved or proposed including 36 towers ranging in height from 20 to 65 storeys.
The development proposal contemplates a total proposed GFA of approximately 2.1 million square feet. At full build-out, the proposed development will include eight buildings containing 3,034 residential units and 13,200 square feet of retail space at grade.

Return Summary:

Projected IRR:4%.
Projected equity multiple: 4.6 x.
Estimated repayment date: December 2027.

Jarvis & Dundas

Project Snapshot:

High-rise condo project at Jarvis & Dundas in downtown Toronto.
The project is approved for a 50-storey, 563-unit tower with a total saleable area of 316,000 square feet.
The construction was completed in 2018 and our investment was fully repaid in January 2019.

Return Summary:

Realized IRR: 8% versus 20.0% at deal inception.
Realized Equity Multiple: 77x.
All profit distributions have been received to date.

Shuter and Dalhousie

Project Snapshot:

High-rise development site located at Shuter and Dalhousie in downtown Toronto.
The development plan was approved for a 24-storey residential tower containing a total GFA of 148,165 square feet and 233 residential units.
The project was 100% pre-sold. Construction was completed in Q1 2017 with the condominium corporation registered on January 3, 2017.

Return Summary:

Realized IRR: 34.5%.
Realized equity multiple: 7x.
The investment was repaid in February 2017.

Dundas & Carlaw

Project Snapshot:

Mid-rise development located at Dundas St & Carlaw Ave in Toronto’ Leslieville neighborhood.
The development plan was approved for a 7-storey residential tower containing a total GFA of 110,152 square feet and 96 residential units.
The project was 100% pre-sold. Construction was completed in Q2 2016 with occupancy started in May 2016.

Return Summary:

Realized IRR: 22.1%.
Realized equity multiple: 1.89x.
The investment was fully repaid in July 2017.

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Tapas Kolte, CFA, MBA

Assistant Vice President, Investments and Asset Management

As the AVP in Canadian Mortgage Capital Corporation's private funds, Tapas is responsible for analyzing new equity investments and managing active real estate projects. Tapas conducts pre-transaction due diligence including financial analysis, market research and risk assessment throughout the underwriting process. He works with real estate developers to ensure successful execution of CMCC’s real estate projects and also manages communication with investors and provides quarterly reports on existing funds.

Prior joining CMCC in 2020, Tapas conducted strategic investment analysis in his role as a Mergers and Acquisitions Analyst in a $3 Billion India based conglomerate. Tapas holds the Chartered Financial Analyst (CFA) charter, a Master’s in Business Administration and a Bachelor’s in Engineering.

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Tapas Kolte, CFA, MBA

Assistant Vice President, Investments and Asset Management