Mr. Rene Demers reports

NATIONAL BANK GRANTS A GREEN LOAN TO CAPITAL DEVELOPMENTS FOR ITS OLIVE RESIDENCES SUSTAINABLE BUILDING PROJECT IN TORONTO

National Bank of Canada has granted a green loan to Capital Developments for the construction of Olive Residences in Toronto. This new residential project, which is currently under way, has been designed with sustainable development in mind.

Located at 36 Olive Ave., southeast of Yonge and Finch in Toronto's North York neighbourhood, Olive Residences is a new 29-storey residential building with 350 condo units for sale. Designed to ensure comfort, durability and accessibility, the building is just a few minutes walk from Finch subway station, which also connects to the Go Transit and York Region transit hubs.

The project is being developed by Canadian developer Capital Developments and is scheduled to be delivered in 2025. Olive Residences is pursuing LEED (Leadership in Energy and Environmental Design) gold certification. As such, it emphasizes quality of life for its residents and compliance with strict environmental standards.

The loan granted to the Olive Residences project is aligned with the green loan principles published by the Loan Market Association in February, 2023.

Mortgage promotion: Made to measure to promote this sustainable project

National Bank is also proud to announce that individuals who take out a National Bank mortgage loan to purchase a unit in this building project could receive up to $5,300 in cash back if they meet certain criteria.

Quotes

"We're proud to support Capital Developments in carrying out this project, which allows us to again showcase the expertise of the National Bank real estate group and of our dedicated sustainable financing teams. The Olive Residences project from Capital Developments demonstrates that, with support from our ESG [environmental, social and governance] specialists, a skilled, innovative approach can reconcile economic development with the ecological transition," said Rene Demers, senior vice-president of commercial and private banking, real estate, at National Bank.

"This project will be infilling an industrial site directly adjacent to first-order transit, which allows us to materially reduce parking and encourage mass transit. Beyond that, in addition to meeting the Toronto Green Standards we are, among other things: conducting enhanced commissioning of glazing and mechanical systems to ensure the building operates to its low-energy specifications, seeking certifications for many key raw materials, and installing on-site pollination (beehives). We aim to reduce the cost of living while benefiting the environment. National Bank's innovative financing allows us to do this for purchasers," said Carlo Timpano, president of Capital Developments.

About National Bank of Canada

With $434-billion in assets as at Jan. 31, 2024, National Bank is one of Canada's six systemically important banks. The bank has approximately 30,000 employees in knowledge-intensive positions, and operates through three business segments in Canada: personal and commercial banking, wealth management, and financial markets. A fourth segment, U.S. specialty finance and international, complements the growth of its domestic operations. Its securities are listed on the Toronto Stock Exchange (NA).

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