The Financial Post reports in its Wednesday, June 16, edition that Canadian Imperial Bank of Commerce led a syndicate of lenders providing a $780-million green loan that will finance the second phase of construction of the CIBC Square office complex in Toronto. A Bloomberg dispatch to the Post reports that the transaction is the largest-ever green real estate construction loan in Canada, according to a joint statement from CIBC, which served as administrative agent and green structuring agent, and developers Ivanhoe Cambridge and Hines. CIBC Square is set to be first office complex in Toronto to reduce water consumption by capturing, filtering, and sanitizing groundwater for use in on-site washrooms. National Bank of Canada, Toronto-Dominion Bank, Bank of Nova Scotia, Bank of Montreal and Wells Fargo also took part in the loan.
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