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CIBC Leads Record Green Loan for Namesake Toronto Tower

CIBC Square stands under construction in the financial district of Toronto, Ontario, Canada, on Friday, Feb. 21, 2020.  Canadian Imperial Bank of Commerce led a syndicate of lenders providing a $642 million green loan that will finance the second phase of construction of the complex.

CIBC Square stands under construction in the financial district of Toronto, Ontario, Canada, on Friday, Feb. 21, 2020.  Canadian Imperial Bank of Commerce led a syndicate of lenders providing a $642 million green loan that will finance the second phase of construction of the complex.

Photographer: Stephanie Foden/Bloomberg
Updated on

Canadian Imperial Bank of Commerce led a syndicate of lenders providing a C$780 million ($642 million) green loan that will finance the second phase of construction of the CIBC Square office complex in Toronto.

The transaction is the largest-ever green real estate construction loan in Canada, according to a joint statement from CIBC, which served as administrative agent and green structuring agent, and developers Ivanhoe Cambridge and Hines. Desjardins Capital Markets and HSBC Bank Canada served as co-lead arrangers.