Canada Infrastructure Bank Commits $46.5 Million Towards Building Retrofits at the Fairmont Royal York Hotel

McMillan LLP acted as counsel to the Canada Infrastructure Bank (“CIB”) on its financing to KingSett Capital (“KingSett”), as part of the Building Retrofits Initiative (BRI). The CIB is committing $46.5 million in project financing for KingSett’s energy efficiency retrofit project to achieve decarbonisation and modernization of, and reduce energy consumption and greenhouse gas emissions at the Fairmont Royal York Hotel. The CIB’s investment will help this historic Canadian landmark become a leader in sustainable accommodation and pave the way for future green retrofits in the hospitality sector.

The McMillan team, led by Ahsan Mirza working alongside Alex Ricchetti and Rachael Rachael Girolametto-Prosen, advised the CIB on all aspects of this complex project financing including leading the drafting of the credit and loan documentation, structuring the intercreditor arrangements with another major institutional lender, and drafting and negotiating the lender security including real property security.

McMillan’s Project Finance & P3 industry group is made up of lawyers with deep experience in the structuring and execution of major infrastructure projects. We are known for having a collaborative, problem solving approach to closing projects and meeting the requirements and financial objectives of both procurement authorities and private partners. We provide a complete range of services related to infrastructure, including assistance with procurement, construction, financing, environmental review, community consultation, tax and regulatory issues. We have acted on transactions involving all types of public infrastructure arrangements including privatizations, outsourcing arrangements, public-private partnerships, concessions, leases and alternative financing structures. Having acted for parties on all side: lenders, consortia, primary subcontractors and public authorities, we are uniquely positioned to advise and represent all relevant stakeholders.