We have reached a settlement with the City on a final plan that will include 7,655 new homes, over 200,000 sq.ft of retail, 200+ affordable housing units, approximately 5 acres of new parkland, a new GO station, and with some luck a new community centre. We appreciate the work of the entire project team, with a special thanks to our partner Republic Developments.
Milestones
Harlo Capital celebrated many exceptional milestones this past year. As we reflect on a successful 2023, two milestones are especially worth celebrating. In January, we completed our very first investment project with DTK Condos, achieving a 31.22% IRR and a 2.91x Equity Multiple. In July, we finalized the acquisition of our 20th project, Bayview Car Wash, which has an estimated 28.54% IRR over 33 months and 1.58x Equity Multiple.
We're happy to report that we broke ground on two projects in 2023. In the first quarter, we broke ground on 699 Sheppard Avenue East. We’ve since completed the below-grade structure as well as the ground floor slab, and commenced formwork for the second floor.
We also broke ground on Leaside Commons in Q1. As of Q4, we are trending ahead of schedule with the below-grade structure, ground floor, and second floor slab complete.
At Harlo Capital, we pride ourselves on being community leaders. Our Harlo Gives Back program allows us to partner with local causes and use our resources to make a difference. This past year, we volunteered a collective 300+ hours and donated $10,000 to organizations like CAMH, Toronto Humane Society, and Salvation Army.
Should you have any questions about Harlo Capital or our projects, please reach out to:
investorrelations@harlocap.com.
Thank you and have a Happy New Year!
Louis Tsilivis is joining Harlo Capital as its General Counsel, Louis aims to provide practical, business-oriented counsel to the executive team. His goal is to facilitate Harlo Capital’s continued growth by providing legal support for all aspects of the business, including negotiating, drafting, and reviewing agreements; minimizing risk and exposure to risk; and developing and maintaining appropriate controls to safeguard Harlo Capital’s business, investors, partners, and projects.
Thank you to our Partner, IN8 Developments, as well as our loyal investors.
Total Revenue: $189,962,370
Internal Rate of Return (IRR): 31.22%
Equity Multiple (EM): 2.91x
Congratulations to all involved!
Thank you to our Partners, Gairloch Developments and Kingsett Capital, as well as our loyal investors.
Total Revenue: $70,040,000
Internal Rate of Return (IRR): 31.75%
Equity Multiple (EM): 2.11x
Congratulations to all involved!
