BMO lends $114.7M for a 353 unit Hamilton rental tower
A Hamilton purpose built rental tower has secured a large conventional construction loan, in a financing that underlines how rental, not condo, is carrying new supply in that market.
Connect CRE reported Oct 28, in a story not previously briefed, that BMO provided $114.7M in construction financing for a 33 storey, 353 unit purpose built rental tower at 188 Cannon St E, Hamilton, by Vantage Developments, The Arlo Company, and Garnet Group. The loan is a conventional, non CMHC, bilateral loan arranged by Oakbank Capital.
The project began as a roughly 380 unit condo plan and pivoted to rental. Completion is targeted for 2028.
For investors in Hamilton, one of C&Co.'s target markets, the structure is instructive. A conventional loan, rather than a CMHC loan, on a pivoted rental project shows a lender underwriting rental income at scale, and the move from about 380 condo units to 353 rental units shows how developers are repositioning projects to match where demand and financing actually sit.
Source: Connect CRE, Oct 28, 2026.
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