The Fédération des caisses Desjardins du Québec financed the construction of a 22-storey building in the Ville-Marie borough, led by Prével and Interloge

Led by

Maxime B. Rhéaume

Partner

Montréal

Team members

• Sylvie Marchand

Prével one of the leading developers in Québec, and Interloge a not-for-profit organization dedicated to providing affordable housing, announced the closing of a partnership to build a 22-storey building in the Ville-Marie borough (Centre-Sud), within the area bounded by Sainte-Catherine Street, René-Lévesque Boulevard, De Lorimier Street, and Parthenais Street. 

This project forms part of the Esplanade Cartier urban development and is innovative for many reasons, including for its innovative approach to property ownership, which grants both Prével and Interloge full ownership of a certain number of floors within the building, without the need for divided or undivided co-ownership.

Specifically, the project is based on distinct stacked volumetric spaces, allowing Prével and Interloge to accommodate multiple uses within a single development, such as social and affordable housing as well as residential or commercial spaces. This ownership model supports the implementation of standalone real estate financing arrangements : the Real Estate Financing Group of the Fédération des caisses Desjardins du Québec provided financing to Prével, while the National Bank of Canada financed Interloge, each as part of traditional construction financing structures. This financing arrangement also benefited from significant contributions from the Société d’Habitation du Québec and the City of Montréal for Interloge.

Prével was represented by Norton Rose Fulbright (Jean-Nicolas Prévost and Marie-France Gagné); Interloge was represented by Therrien Couture Jolicoeur (Ghislain Côté and Maxime de Passillé Goulet); the Fédération des caisses Desjardins was represented by Miller Thomson (Maxime B. Rhéaume and Sylvie Marchand); and the National Bank of Canada was represented by Beaudry Bernier (Pascal Bergeron) as well as Mallette LLP (Me Stéphanie Nadeau) is also responsible for the financing provided by the SHQ and the City of Montreal.