Canada Infrastructure Bank Invests in Avenue Living Asset Management Building Retrofits

McMillan LLP acted as counsel to the Canada Infrastructure Bank (“CIB”) on its financing to Avenue Living Asset Management, as part of the Building Retrofits Initiative (BRI). The CIB is providing up to approximately $130 million in project financing for a portfolio of energy efficiency retrofit projects to achieve decarbonization and modernization of, and reduce energy consumption and greenhouse gas emissions at multi-residential buildings. This investment will contribute 80% of the capital costs for the project.

Avenue Living has a housing portfolio that spans the US and Canada, and includes over 500 lower and medium density buildings. The CIB’s investment with Avenue Living will enable retrofits at approximately 95 properties within their portfolio of 240 buildings.

McMillan advised the CIB on all aspects of the project financing including leading the drafting of the credit and loan documentation, with separate documentation for each borrower. Ahsan Mirza led the McMillan team with support from Alex Ricchetti and Rachael Girolametto-Prosen in the complex completion of this prominent project financing.

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.