We are excited to announce that we have received the development permit for the first two phases of the Glenlake Highview project
We appreciate that the development team were exemplary in providing answers to final questions and diligently following up with the planning staff to ensure the development permit was issued as quickly as possible.
With the development permit in hand, we are looking forward to proceeding with the next steps for the project, including moving forward with building permit drawings, updating the construction financing submission, survey and subdivision of title for the first two phases, and organizing the demolition of the old Glenlake Inn building.
Remaining Investment Available at $0.98
Currently, we have just over $400,000 of units left for investment at the current price of $0.98 under the Offering Memorandum distribution. We look forward to wrapping up this round of investment and moving to the final offering of profit-sharing units at $1.00 per unit.
If you are interested in finding out more about investing with the mortgage-secured, profit-sharing Glenlake Highview Development Project, please reply or reach out to your Dealing Representative or Investment Advisor.
Excavation work is complete, the crane base was formed and poured, and the crane set up, shoring is complete, and the foundation footing and some walls have been started. The project is well underway with 12% of the total work now completed. Click below to follow along on the progress and see current photos from the work site.
Updated Construction Trackers will be available every four to six months and we look forward to sharing more progress reports as the project moves towards construction completion.
First Occupancy Granted at the Five Bridges Development Project
We are excited to announce that the Five Bridges Development Project has received its initial occupancy permit and has started closing condo sales, which are beginning to pay down the construction loan.
We appreciate the response from investors in this project in regard to the option of rolling over the investment towards sharing the rental income portion of the building going forward. We will have the final steps for the rollover ready to complete in October.
Now that the condo sales are closing and the final floors are being completed for occupancy, we can forecast that the final profit payouts for Five Bridges investors will be ready for payout in the new year, after last expenses have been all accounted for.
We will provide a further update late in October regarding the timing of the return of principal for those not rolling over, as principal will start to become available once the construction loan has been fully paid off from the condo sales.
Glenlake Highview in Queue for Development Permit with Traffic Plan Resolved and Approved
The final step before Development Permit approval could be issued by the City of Langford was acceptance of the traffic engineer’s report and proposed road improvements by the province’s Ministry of Transportation.
This week, Langford’s Engineering Department approved the final amended traffic report and sent approval to the Planning Department to allow the development permit to be issued. We look forward to updating everyone once the permit approval is in hand.
Financing Approval at Saanich Ridge
We are excited to announce that we have received financing approval for the last 52 houses which will be built as a rental community at Saanich Ridge. With another home sale closing in August, we are underway with more construction on the homes which will be sold individually, as well.
We plan to complete servicing for the last ten lots for individual home sales at the same time that we complete the land servicing for the 52 rental homes. Once the servicing is done in the New Year, along with interest rates coming back down again, we hope to sell out the remaining homes.
We look forward to providing an update to those investors in Saanich Ridge who have confirmed their intention to roll over into Housing Yield Units and will be sharing more details on that final step in October.
Construction Springs Forward At Five Bridges/ Five Crossings
In just 2 months since our last update, excellent progress has been made at the site of Five Crossings. This extremely successful residential project was funded by our Five Bridges Development Project investment and sold out during its launch weekend in May 2023. Follow the progress on the work site with the Construction Tracker.
Canadian Home Builders’ Association of Central Okanagan Housing Awards March 2024 Finalist: Multi-Family Builder of the Year Winner: Excellence in Marketing
Canadian Home Builders’ Association of BC Georgie Awards To be held May 2024 Finalist: Best Advertising Campaign
Canadian Home Builders’ Association National Awards for Housing To be held May 2024 Finalist: Best Short Video Finalist: Best Renderings Finalist: Best Mid-to High-Rise Building
Glenlake Highview Development Project
The Glenlake Highview Development Project features a targeted 9.6% preferred annual return and profit sharing for investors and will fund the construction of a large multi-family development in Langford, an epicenter of major economic investment and redevelopment that is commuter friendly to downtown Victoria. Watch for an upcoming webinar invitation coming soon.
Construction is Moving Quickly at Five Bridges/Five Crossings
In just 2 months since our last update, excellent progress has been made at the site of Five Crossings. This extremely successful residential project was funded by our Five Bridges Development Project investment and sold out during its launch weekend in May 2023. Follow the progress on the work site with the Construction Tracker.
Revo Kelowna, the latest Millennial Developments Smart Community™ funded by NAHF’s Collinson Rise Development Project opened sales this fall to become the fastest selling new development in Kelowna for 2023. Congratulations to all the LP investors that took advantage of their priority purchase opportunity to select a home in this high demand project, prior to sales opening to the public.
As we move into the festive season, the team at North America Home Finance would like to wish the best of the season to you, your family and loved ones. 2023 has been an incredible year of growth and success and we look forward to sharing exciting new investment offerings with you in January 2024.
Sincerely,
The North America Home Finance Team
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Five Bridges January 2022 Investor Progress Update
Momentum is building for the Five Bridges Development Project, as demand continues to remain strong, and comparable prices for similar-sized existing suites continue to appreciate. The appraiser that completed the report, being used for construction financing, placed the land value allocation at $8 million upon final development approval. For context – that is over $2 million more than the combined purchase prices for the six individual properties assembled for the project. In addition to the increase in value for the land, the total projected revenue valued by the appraiser for the project also increased above that of our proforma.
As previously announced, the window of opportunity to participate at the 9.6% preferred return rate is soon closing. This rate will no longer be available to new investors once the 4th and final reading has been approved by the City of Kelowna (the preferred rate after that will be offered at 8.4%). This works well for anyone looking to take advantage of the RRSP eligibility for the project as the contribution deadline for the 2021 tax year is March 1st, which still provides time to invest with RRSPs prior to the council meeting in March.
The Presentation Centre and demonstration smart suite are scheduled to open for in-person and virtual tours following our final Meet the CEO Zoom event. We’ll be offering a sneak preview during our Meet the CEO webinar on February 24th at 5pm and 6:30pm PST. At that time one of our panel will be broadcasting live from the show suite and we look forward to highlighting the incredible features, lifestyle, and value that this development will provide its residents.
The team at ACE Project Marketing is gearing up to launch sales in Spring 2022 and are preparing to contact all investors who have reserved under the investor purchase program as well as those who’ve expressed an interest in preferred access for purchasing a unit.
We have updated the construction budget and have finalized the project forecast along with completing the construction loan package, which is now going out to lenders. We are looking forward to sharing the updated budget following the 4th reading and are looking forward to a good news update in March.
Lastly, as those investors and potential new homeowners in Kelowna have noticed, real work is happening now on site as the demolition of the existing houses has started. The goal is for demolition to complete in March on all the houses after the last of the tenants have vacated. Then, with the pre-sales launch underway at the nearby Presentation Centre, the site excavation will begin. Once the big machines get moving on site, our quarterly updates will then include site construction progress photos and video clips, which we know everyone enjoys seeing.
We look forward to working with everyone who are looking to get their subscriptions in prior to the close out of the 9.6% preferred return offering. Please let us know if you are interested or still have questions, so that we’re able to respond promptly to ensure you don’t miss the last of the available equity for investment.
The summer market in Kelowna continued to sizzle in Kelowna this July, with average housing prices continuing to show double digit increases over July 2020. While we did see a decrease in total sales from last summer, that number is more reflective of the lack of available inventory rather than lack of buyer interest, which is highlighted by how quickly homes are selling.
Here is a quick breakdown of the numbers for real estate sales in July 2021 in Kelowna, British Columbia.
SINGLE-FAMILY HOMES
Sales: 236 ( -28.9%)
Average Price: $933,600 (+31.5%)
Days on Market: 30 (-53.3%)
Inventory: 485 ( -54.0%)
TOWNHOMES
Sales: 100 ( -18.75)
Average Price: $642,600 (+27.6)
Days on Market: 41 ( -69.5%)
Inventory: 137 ( -64.2%)
CONDOS
Sales: 177 (+18.0%)
Average Price: $552,900 (+21.2%)
Days on Market: 36 ( -56.1%)
Inventory: 274 ( -61.2%)
As seen, the condo and townhome categories are currently underserved in on the Kelowna real estate market, showing the largest percentage decreases in selling time and in inventory levels when comparing July 2021 to July 2021.
Source: Association of Interior Realtors, www.interiorrealtors.ca.
