Marlin Spring is pleased to announce the successful completion of our Defries partnership through the sale of 1, 5 & 25 Defries Street in Toronto’s Corktown District.
The project was launched in October 2017 in partnership with Broccolini. Along with Hunter & Associates, Graziani + Corazza Architects Inc. and in collaboration with our partners and the amazing staff at the City of Toronto, we received approvals for approximately 500,000 square feet of residential density which will be distributed in over 500 condominium units in a 30+ story tower. This development will offer future residents sprawling views of the waterfront and city skyline and easy access to the Bayview Extension, leading in and out of the city via the Don Valley Parkway, Gardiner Expressway, and the 401 Expressway.
With returns well above our initial projections on an IRR, multiple and timing basis, this disposition follows our disciplined investment thesis and we are proud to add this to our roster of successfully completed projects.