Otera announces that it has granted its first green loan alongside the National Bank of Canada
Press release -
MONTREAL, Sept. 26, 2023 - National Bank and Otera Capital announce that they have both provided a green loan to Carttera's Portland Commons, a new high-performance office building under construction in downtown Toronto. National Bank acted as lead syndicator on the loan.
Located at the intersection of Front Street West and Portland Street, in the heart of Toronto's King West neighbourhood, Portland Commons is a new 560,000 square-foot high-performance office building designed with a focus on employee wellness, technology, and sustainability. It is developed by renowned Canadian developer Carttera and will be delivered in 2024. Portland Commons is targeting the highest environmental and wellness norms, such as LEED Zero Carbon, LEED Platinum, and WELL Gold certifications. The building will benefit from Enwave's Deep Lake Water Cooling system. With 13 private outdoor terraces, green roofs, 367 bike stalls and spa-like shower/changeroom facilities, Portland Commons will be positioned as a market leader in the Greater Toronto Area.
"National Bank's Real Estate Group is proud to support Carttera, as well as sustainability-focused clients in their climate transition journey. Carttera's innovative and value-driven Portland Commons project represents a window on the future of livability, sustainability, and impact in Canadian building developments," stated René Demers, Senior Vice-President, Commercial Banking and Private Banking, Real Estate at National Bank.
"As an institutional investor, we aim to play a significant role in the transition to a sustainable economy by engaging with our clients, partners, teams and society to build the cities of tomorrow—together. Otera Capital is proud to provide its first green loan by supporting Carttera in this high-quality project, designed according to superior environmental criteria and focused on the well-being of communities," said Rana Ghorayeb, President and Chief Executive Officer, Otera Capital.
"In securing this Green Loan, Carttera continues to reinforce our position as market leader in environmentally sustainable development. We are proud to partner with National Bank and Otera Capital in developing this world-class sustainable asset," said T. James Tadeson, Founder & Managing Partner, Carttera.
The Portland Commons building project abides by the Green Loan Principles published by the Loan Market Association in February 2023.
About National Bank of Canada
With $426 billion in assets as at July 31, 2023, National Bank of Canada, together with its subsidiaries, forms one of Canada's leading integrated financial groups. The Bank has approximately 30,000 employees in knowledge-intensive positions and has been recognized numerous times as a top employer and for its commitment to diversity. Its securities are listed on the Toronto Stock Exchange (TSX: NA). Follow the Bank's activities at nbc.ca or via social media.
About Otera Capital
Otera Capital is an international institutional investor specializing in commercial real estate financing that cumulates over 50 years of experience in the industry. Otera leverages its expertise and vertically integrated teams to transform urban centres and create long-term value for its clients and partners. Headquartered in Montréal, with offices in Toronto and New York, Otera Capital manages a commercial loan portfolio of C$28.9 billion as at December 31, 2022. To learn more about Otera Capital, visit oteracapital.com.
Carttera is an award-winning commercial, industrial, mixed-use, retail, purpose-built rental and residential condominium developer. Funded by major Canadian pension fund capital, Carttera has developed over $6.2 billion worth of projects and over 5,900 residential suites in the GTA and Montreal. Carttera believes in collaboration, professionalism and integrity, and has long-term relationships with tenants, owners, lenders, industry professionals, and its institutional investors. Follow at carttera.com or via social media on LinkedIn.
For more information on Portland Commons go to portlandcommons.com