Harbour Equity Capital Corp.

Harbour Equity Capital Corp.

June 24, 2015 09:00 ET

Harbour Equity Closes JV Development Fund II and Completes Four New Joint Venture Investments

TORONTO, ONTARIO--(Marketwired - June 24, 2015) - Harbour Equity Capital Corp. ("Harbour Equity") is pleased to announce the second and final closing of the $36 million Harbour Equity JV Development Fund II (the "Fund"), as well as the subsequent closing of the first joint venture investments in the new Fund.

Harbour Equity has allocated 50% of the Fund to the following four joint venture investments:

  1. A six-storey, 144-unit midrise condominium/townhouse project in Scarborough, Ontario;

  2. An eight-storey, 152-unit midrise condominium project in Toronto, Ontario;

  3. A four-storey,144-unit rental apartment complex in Fort Saskatchewan, Alberta; and

  4. A 13.5 acre, 358-unit townhouse project in Airdrie, Alberta.

These investments provide the developers an opportunity to leverage the Fund's capital in order to better scale their operations and execute multiple projects concurrently.

Harbour Equity continues to engage in joint venture opportunities across a broad range of asset classes, including for-sale and for-rent residential, retail, office, and industrial developments, as well as welcoming purpose built projects such as seniors housing, student housing and self-storage. Development opportunities are targeted at the time of land acquisition, with investments focused on projects with total costs between $10 million and $50 million and total equity requirements in the range of $2 million to $10 million.

About Harbour Equity Capital Corp.

Harbour Equity provides equity capital to experienced real estate developers with a history of achieving above-market risk-adjusted development returns. Harbour Equity is part of the Harbour Group, a multi-dimensional real estate investment platform. Harbour Equity currently manages 22 joint venture projects through its Joint Venture Development Funds and project specific limited partnerships. Harbour Equity's website can be found at www.harbourequity.com.

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