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
Our Role
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
