Firm has originated a C$165m loan backed by Toronto hotel
Korean capital is coming to Canadian commercial real estate.
That’s the message from real estate fund manager KTB which has originated a landmark loan secured on a recently-opened Toronto hotel complex.
KTB, with the help of Bridgerock Realty Advisors, LLC, originated the C$165 million non-recourse, 5-year fixed-rate loan secured on Hotel X Toronto, a 30-storey iconic building on Toronto’s waterfront.
The hotel includes a private members sports club and soon-to-open spa. It was soft-launched earlier this year.
More Korean capital to come
KTB and Bridgerock have worked together on several US deals including whole loans on the Brooklyn Bridge Marriott and 285 Madison Avenue in New York City.
KTB will manage the loan on behalf of multiple Korean institutional investors and Jaesang Eum, Head of Global Alternative Investments, says this is just the beginning.
"Although Korean investors have been one of the most active global real estate investors over the past 5 years, this is one of the first large loans originated by them in the Canadian market,” he said. “This is an untapped market for Korean investors and we look forward to bringing more Korean capital to the Canadian real estate market."
KTB Asset Management currently manages U$2 billion of US commercial real estate debt with a significant global track record of doing real estate deals in the US, Europe, and Asia. It’s headquartered in Seoul, Korea.
