Amuka Capital closes nearly $1.5MM oversubscribed offering for multi-family development project in Brantford, ON.
TORONTO, July 19th, 2019 – Amuka Capital today announced that it has closed just shy of $1.5MM capital raise for Zahlco Developments’ Market Street Development in Brantford, ON. Funds raised from over 30 accredited investors were used to acquire the land at 120-138 Market Street and 31-35 Chatham Street. Zoning application has been submitted to the city for a specific site plan approval for a nine-story 205-unit rental apartment with ground floor retail and 4 townhouses.
Amuka Capital’s real estate strategy has been focused on acquiring sites with strong deal metrics that have a positive social impact. In the case of Market St., we are very excited to be improving the rental supply in a secondary market such as Brantford Ontario.
“While condo developers often have to fight tooth and nail with city councils to get the needed density, we have seen a positive shift when it comes to building rental units. Municipalities are committed to addressing the affordability issue and the best way to solve that is by increasing the rental supply. Our goal is to work with developers like Zahlco who work with municipalities not against them in re-developing such projects,” said Ben Feferman, Managing Partner of Amuka Capital.
While many real estate markets have been flat or in even down so far in 2019, Brantford has been one of the strongest markets.
“Many investors are worried about the softening real estate market but Brantford has consistently outperformed other municipalities in the Southern Ontario. In May, for example, detached housing prices were up 7.86% YoY (BRREA) compared to 1.09% in Toronto and -2.36% for York Region (TREB). Much of the growth has been supported by the new Wilfred Laurier University campus and increased activity in the manufacturing sector” said Aaron Meckler, Amuka Capital’s Chief Investment Officer.
Zahlco, in partnership with Amuka Developments, will be launching their second project in Brantford ON, towards the end of July. They are planning to redevelop a site on West Street and Galileo Blvd for a future ~128-unit rental apartment site. To learn more about investment opportunities with Amuka Capital, please visit www.amukacapital.com
About Amuka Capital
Amuka Capital is a boutique investment banking & securities firm specializing in real estate and private equity. Amuka Capital Corp is registered under The Securities Act as an exempt market dealer in ON, BC, and AB. NRD # 62220
A boutique construction and development firm, Zahlco leads the industry with its innovative philosophy where construction and design are not mutually exclusive. Zahlco has curated a highly sought-after in-house development team to handle every decision from acquisition through rezone and design, and then construction. Zahlco has a strong reputation as being reliable and honest. A focus on quality service puts Zahlco ahead of it its peers and is one of the many reasons why Zahlco has become a premier construction firm in the GTA and Southern Ontario.
This press release contains “forward-looking statements” including statements with respect to potential returns and/or timelines, and other information such as zoning approvals etc. All forward-looking statements and information above are based on current beliefs as well as various assumptions. By their very nature, these statements involve inherent risks and uncertainties. Readers should not rely on these statements as a number of important factors could cause the actual outcomes to differ materially. This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities of Market St. Development or any Amuka Capital Offerings.
For more information, please contact:
Amuka Capital Corp.
Aaron Meckler, Chief Investment Officer