Montoro Secures $32.9M Construction Loan for Grimsby Purpose-Built Rental

Rendering of 30 Niagara Street, Grimsby, Ontario

Montoro Developments has secured a 92% loan-to-cost construction loan for its Grimsby purpose-built rental project - part of the Cranson Capital PBR Fund

Montoro Developments has secured a $32.9M construction loan for its 90-unit, eight-storey purpose-built rental project in Grimsby, Ontario, Green Street News can reveal. The project — dubbed Montoro The 30 at 30 Niagara Street — is part of the Cranson Capital Purpose-Built Rental Fund.

CMLS Financial provided the CMHC-insured, MLI Select loan, which funded in January at a loan-to-cost ratio close to 92%. Construction kicked off late last year and is expected to wrap up in early 2027. The mid-rise building is using pre-cast construction via Stubbe's Total Precast Solution to leverage time and cost efficiencies.

The 90 units will be spread over a net rentable area of 54,000 sq ft, for an average unit size of approximately 650 sq ft. The building has a gross floor area of nearly 75,000 sq ft. The property is located beside a plaza with shops including a grocery store, a pharmacy, a bank, retail stores, and quick-serve restaurants. The site is less than a kilometre from the Queen Elizabeth Way and the main street leading to downtown Grimsby, with a future GO train station also planned nearby.

Montoro Developments is a Hamilton, Ontario-based residential developer. Cranson Capital Securities specializes in private market real estate investment across Canada, with over $300M raised and a portfolio spanning the Greater Toronto Area and Southern Ontario.

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This article originally appeared in Green Street News and is reproduced with permission. This is not an offering of securities. Investment products are available to accredited investors only.