Overview

• Toronto Community Housing Corporation (“TCHC”) is one of North America’s largest landlords housing thousands of Torontonians in dozens of neighborhoods throughout the city
• Regent Park, just east of downtown, was a depressed area with aging buildings requiring regeneration. 
• An ambitious plan was put in place to completely redevelop the area with mixed use building and units, common areas, parks, a community center and street front retail

MPA’s Role and Key Considerations

• MPA was engaged as an Advisor to conduct a review of capital needs and potential funding strategies regarding the Regent Park redevelopment. This included activities such as reviewing TCHC financials and  capital cost dynamics, and presenting potential funding strategies 
• TCHC ultimately decided to proceed, and this culminated in various subsequent mandates:
  • To assist with obtaining a credit rating to access the Canadian debt market 
  • Advisor on the execution of the company’s capital market strategy of a $250 million IPO
  • Advisor and execution of a follow-on bond issue of a $200 million IPO
• Across these mandates, MPA played a key role in assessing the credit rating, advising throughout the process with S&P, advising throughout the Request for Proposal process, negotiating, providing key documents, and providing strategic recommendations

Outcome

• All transactions were concluded successfully and within required timelines, supporting what is a great example of redevelopment of a depressed neighborhood with mixed market housing