Some lenders to Canada’s distressed condo developers are finding they have little choice but to buy the troubled projects they backed and finish the buildings themselves.
With rents at record highs and vacancies at all-time lows, Canada is in the midst of a severe apartment crunch. Adrian Rocca is deploying rooftop pools, coffee-to-cocktail cafes and dog spas to get his country out of it.
Alternative asset manager TPG Inc. is in talks to buy the manufactured housing business of Canadian Apartment Properties REIT, a move by a major US investor to gain exposure to the historically tight real estate market of its northern neighbor.