$780M Green Construction Loan at 141 Bay

Represents largest green real estate construction loan in the history of the Canadian Market

Ivanhoé Cambridge and Hines—with CIBC as Administrative Agent and Green Structuring Agent, as well as Desjardins Capital Markets and HSBC Bank Canada as co-leads— announced the financing of the construction of 141 Bay, phase II of CIBC SQUARE, with a $780M Green Construction Loan. The loan is aligned with the Green Loan Principles as established by the Asia Pacific Loan Market Association, the Loan Market Association and the Loan Syndications and Trading Association as of May 2020.

“Hines continually strives to be an industry leader in sustainability. From the start, we have felt a responsibility to the future and a drive to do things better,” said Canada Country Head Avi Tesciuba. “The green construction loan will support CIBC SQUARE in its mission to meticulously incorporate progressive environmental and economic solutions, from concept to development.”

CIBC SQUARE 141 Bay will meet the newest and most innovative standards of efficiency and design. The project is designed to attain a LEED® Platinum certification for the protection of the environment and limitation of carbon emissions, and WELLTM certification, for the health of its interiors.

The CIBC SQUARE campus will be the first office complex in Toronto to reduce water consumption by capturing, filtering, and sanitizing groundwater for use in on-site washrooms, along with rainwater. To help tenants choose lower impact commuting options, it will be directly connected to Union Station and provide access to 500+ bicycle racks and shower facilities. These features are in addition to building-wide waste reduction and diversion programs, such as waste and organic-sorting stations, and water dispensers to encourage the use of reusable cups.

EllisDon, as an experienced contractor in LEED certified buildings, will continue to oversee and support phase II of CIBC SQUARE..

WSP has been appointed as the LEED and WELL accredited professional to monitor and report on LEED Platinum and WELL Platinum targets throughout the construction period. WSP is Canada’s leader in greening new and existing buildings and helping buildings achieve recognition with industry-leading labeling and certification programs.

Ivanhoé Cambridge and Hines have partnered over the last 18 years in developing some of the world’s most iconic and city-defining projects including Phase I of CIBC SQUARE; Eighth Avenue Place East and West Towers in Calgary; River Point in Chicago; Texas Tower in Houston and Duo Towers in Paris. Construction at Phase II of CIBC SQUARE commenced in March 2021.