National Bank of Canada (TSX: NA) has granted a green loan to Capital Developments for the construction of Olive Residences in Toronto.
Located in Toronto’s North York neighborhood, Olive Residences is a new 29-story residential building with 350 condo units for sale. The project is being developed by Capital Developments, which is pursuing LEED Gold certification that would affirm Olive Residences’ compliance with environmental and sustainability standards.
Olive Residences is scheduled to open in 2025 and National Bank announced that individuals who take out a mortgage loan from the bank to purchase a unit in this building project could receive up to $5,300 in cash back if they meet certain criteria.
“We’re proud to support Capital Developments in carrying out this project, which allows us to again showcase the expertise of the National Bank Real Estate Group and of our dedicated sustainable financing teams,” said René Demers, senior vice president of commercial and private banking, real estate at National Bank. “The Olive Residences project from Capital Developments demonstrates that, with support from our ESG specialists, a skilled, innovative approach can reconcile economic development with the ecological transition.”
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