Spring Newsletter 2021
CAMERON STEPHENS & HIP DEVELOPMENTS
THE GASLIGHT DISTRICT
Our latest Deal Talk video features The Gaslight Condominiums by HIP Developments. Located in the historic downtown Galt and inspired by the Distillery District in Toronto, The Gaslight District is envisioned to be a thriving hub with a revitalized urban core. Part of a master-planned development, The Gaslight condominiums are made up of two identical 20-storey residential buildings with 392 units. Cameron Stephens has worked with HIP Developments on several projects in the past and for this one, we arranged the first mortgage loan and funded a subordinate mezzanine note behind it. With the project now under construction, we look forward to future deals with this client.
The customized financial solutions Cameron Stephens provided through multiple phases of this project were a key component in helping this group bring this inspired new community to life.
SPECIAL ANNOUNCEMENT
Introducing David Bienstock
David Bienstock is Senior Vice President Revenue & Operations for Cameron
Stephens and joined the company in 2021.
David Bienstock
Senior Vice President Revenue & Operations
Cameron Stephens
Mortgage Capital Ltd.
Prior to officially joining the organization, David spent the last two years as a consultant at Cameron Stephens building new systems and processes across the organization with special focus on growing origination revenue and data metrics.
For 20 years, David has worked with many organizations and corporate divisions to successfully increase revenue, grow market share, drive efficiencies and accelerate overall business performance by harmonizing sales, operations and marketing functions. David holds a law degree from Western University and a Bachelor of Arts degree in economics from York University.
THE PEOPLE THAT MOVE US
Meet our Investment Management Team
“We have carved out a strong niche in the residential development & construction space.
We provide portfolio diversification via an asset class that has been very resilient over the years.”
– Katie Bonar, VP Investment Management and Strategy
Katie raises capital for and manages Cameron Stephens’ two key retail mortgage investment vehicles, Cameron Stephens Mortgage Investment Corporation and Cameron Stephens Mortgage Trust. Katie is a CFA charterholder and leads many strategic initiatives to grow and diversify the business. Katie and her team are directly responsible for the 250+ investors and $85 million in assets under management across the two funds.
Leila Li works with Katie Bonar on capital raising and fund management. Leila has 8 years of portfolio management experience working with high-net-worth clients. She is a CFA charterholder and holds a Master of Science in Quantitative Economics from California State University.
Cameron Stephens Mortgage Trust (CSMT) was created in 2019 and is open to accredited investors looking to add real estate to their portfolio. It aims to offer superior risk adjusted returns, with a target net return range of 7-9%*. CSMT was created to provide an additional source of private capital managed by CSMC for residential land, development, and construction loans. Additionally, since it is a private fund, its lack of correlation with public markets and no anticipated unit price volatility (based on CSMC’s limited loan loss history) provide additional stability.
*This is a target return range. The actual return cannot be guaranteed. Please note that this investment is only available to those who qualify as accredited investors under applicable securities laws.
CAMERON STEPHENS IN THE COMMUNITY
Cameron Stephens remains committed to giving back to the communities we are invested in.
With every meal that we serve our clients during special events, we have committed to donate to City Street Outreach. City Street Outreach provides food, clothing, and essential resources to those struggling in our communities, and touches the lives of thousands across southern Ontario. Their support directly impacts those struggling with poverty within the GTA, including homeless individuals, those with disabilities, seniors, single mothers, new immigrants and refugees.
OUR RECENTLY FUNDED PROJECTS
Cambridge
We recently put together a $118,500,000 construction loan comprised of a $110,000,000 1st mortgage led by our amazing partners at Laurentian Bank, and we backed the deal with a $8,500,000 mezzanine note for the build out of two condo towers in Cambridge, Ontario.
Since the funding of this loan, we have also approved two additional land loans for this client and we’re looking forward to the eventual construction loan opportunities.
We are proud to have funded, and been repaid on, over $200,000,000 worth of transactions for this long-standing client over a seven year period. Financing from the Ground Up!
Vaughan
SMC funded $54.6MM to refinance a 40 year old land purchase for a 95.56 acre, low-density development site located in Vaughan, Ontario.
The subject site will be improved with 522 single detached homes ranging from 25FF to 50FF lots, an asset class and location we believe will be strong during, and after, the COVID-19 pandemic.
CSMC was able to refinance the existing debt in order to lower the interest rate, and provide the Borrower with an equity take out based on their entitlement progress to date. We were able to recognize the equity as 100% appraisal surplus, and required no cash equity. CSMC was proud to underwrite, commit, and fund this deal within 2 months, and during the holiday season.
London
CSMC funded an $85MM 1st mortgage construction loan to build out a 31-storey purpose-built rental apartment building in London, Ontario. The project will offer 266 rental apartment units with over 316,000 SF of net rental space.
CSMC was in discussions with the client since 2018 and committed on a transaction in 2019. Since the initial commitment, the project had a significant cost increase due to site specific factors and construction / labour costs increasing throughout Southern Ontario.
CSMC believed in the project and worked extensively with the client to propose a winning solution. The end result was an increase in loan amount of $15MM, and a reduction in the interest rate of 1.20% (primarily due to reduction in the Prime rate).
The key value add of CSMC’s revised offer was that the Borrower was only required to inject 11% of cash equity for a rental project.
Since the funding of this loan, CSMC has approved and funded a mezz loan, and is in active discussions on further land and construction loan opportunities.
WHAT’S NEW ON THE PODCAST 
FEATURED EPISODES
Episode 20 - Toronto Under Construction with Scott McLellan from Plazacorp
Scott McLellan
You might mistake episode 20 of the #TUCpodcast for Spittin Chiclets. Our guest, Scott McLellan, Sr VP at Plazacorp, spent a few years in the NHL before joining Toronto’s New Home Development Industry. Scott joins the #TUCpodcast to talk about Plazacorp’s commitment to it’s homeowners, the company’s goal to be the Tarion Home Builder of the Year (every year!), the rising cost of construction and affordability in Toronto, as well as Plazacorps low-rise division. Tune in now!
Episode 22 - Toronto Under Construction with Scott Higgins from Hip Developments
Scott Higgins
For the first time on the #TUCpodcast we venture outside Toronto to Cambridge, Ontario to chat with Scott Higgins from Hip Developments and to checkout his new project The Gaslight District! Scott chats with us about how he got into the development industry, his love for the tri-city area, and how he is bringing “PLAY” back to communities. Tune in for his refreshing perspective on what it means to live, work and play in Cambridge!