- What Realtech Capital brokered the $112m deal
- Why Project will be one of Victoria’s largest multifamily rental properties
- What next Occupancy is expected by mid-2026
Nicola Wealth Real Estate has received a $112m construction loan to build what is slated to be one of the largest multifamily rental apartment buildings in Victoria, B.C.
The Royal Bank of Canada is the lender. Realtech Capital brokered the deal.
The planned Spencer Block redevelopment, at 610 Herald and 635 Chatham Streets, will contain 278 units and 19,000 sq ft of ground-floor retail space. The project is expected to complete by mid-2026.
The loan closed on May 15 via Canada Mortgage and Housing Corp.’s MLI Select program, which provides insurance incentives for construction and existing properties based on affordability, energy efficiency and accessibility.
The Nicola project is north of Victoria’s downtown core and close to the waterfront and one of the oldest Chinatowns in Canada, according to marketing materials.
The property is part of the Nicola Canadian Real Estate LP portfolio.
As of the end of 2023, close to 5,000 rental units were under construction in the Greater Victoria Region, Colliers said in a report.
