Currie, Calgary, September 17, 2025
News Summary
KV Capital has closed an $82.4 million construction loan to fund Arthur, a 254‑unit purpose-built rental at 555 Bishop Drive in Currie, Calgary, adjacent to Mount Royal University. The project includes two five-storey buildings with one- and two-bedroom apartments, coworking space, fitness amenities, 182 bicycle stalls and 266 parking spaces with EV charging capability. The financing supports a joint-venture development and was structured to institutional underwriting standards, reflecting confidence in regional rental demand. Construction is scheduled to begin later with delivery expected within about two years, adding to a growing rental supply wave.
KV Capital Closes $82.4M Construction Loan for New 254‑Unit Rental in Currie
A large construction loan has been finalized to fund a new purpose-built rental complex in Calgary’s Currie neighbourhood. The lender provided $82.4 million to back the project known as Arthur, a 254-unit development planned at 555 Bishop Drive, adjacent to the Mount Royal University campus.
What the deal will build
The Arthur project will consist of two five-storey buildings containing one- and two-bedroom apartments. The design includes common workspaces, fitness amenities, and strong cycling infrastructure with 182 bicycle stalls. Vehicle parking is planned for 266 spaces with electric vehicle charging capability. Construction is scheduled to begin in August 2025 with an expected delivery in spring 2027.
Who is behind the development
The financing supports a joint venture between two development partners. The lender described the loan as meeting institutional underwriting standards and said the package reflects confidence in Western Canadian rental demand. The lender also highlighted that timely project funding helps address demand for high-quality rental options as market dynamics stabilize.
Market backdrop and why this matters
Recent data show a surge of new rental supply in Calgary. The city delivered 9,585 units in 2024, a total described as doubling the previous annual record. That construction response came amid rapid population gains and strong rent growth: Calgary’s population has grown about 15% since 2020, and rents rose roughly 50% over the cited period. Average rent figures in the release put Calgary at about $1,911, compared with roughly $2,820 in Vancouver and $2,606 in Toronto.
The city’s rental market is portrayed as transitioning toward more balanced supply and demand after the record completions. Regional performance was uneven, with southwest neighbourhoods showing particular resilience and leading annual rate growth near 22% in 2024 despite higher inventory.
Industry signals and policy shifts
A recent multifamily market report highlights that institutional investors and private developers are increasing focus on Calgary’s rental sector. Zoning reforms introduced in August 2024 have sped the entry of middle‑density housing and made new development and conversions easier. That report shows a healthy development pipeline, with dozens of projects moving through construction and planning, and points to tighter financing rules from national mortgage insurers reshaping underwriting approaches.
Project positioning within the city
Currie is cited as an example of urban densification, benefiting from proximity to employment centres and planned transit infrastructure. The Arthur site’s location near a university campus is expected to add tenant appeal and provide steady rental demand linked to student and staff housing needs.
About the lender
The firm that provided the loan positions itself as a regional debt provider founded in 2006 and based in Edmonton. It reports roughly $700 million in assets under management and says it has funded over $1.8 billion in investments across private businesses, real estate development, and commercial mortgages. The company holds licensing across multiple provinces and structures financing to meet institutional standards.
Risks and forward-looking notes
The release accompanying the transaction reminded readers that forward-looking statements involve uncertainties. Actual results for projects and markets may differ because of economic conditions, regulatory changes, and other factors. Past performance is not a guarantee of future outcomes, and lenders said they do not undertake to update projections except as required by law.
Wider funding and housing context
The Arthur financing comes as various levels of government and private capital seek to accelerate rental housing delivery in major cities. For example, a federal program announced for another city aims to provide low-cost loans to speed multiple rental projects, with a portion of units designated as affordable. Locally, municipal initiatives have directed capital toward non-profit developers to support hundreds of new non-market homes across several neighbourhoods.
Taken together, the loan for Arthur and the broader mix of government and private activity point to an industry focus on increasing rental supply while adapting financing and design to evolving renter preferences.
Frequently Asked Questions
What is the size and scope of the loan?
The construction loan totals $82.4 million and is designated to fund the Arthur 254-unit rental development in Calgary’s Currie neighbourhood.
Where is the project located and what will it include?
The project is at 555 Bishop Drive, adjacent to a university campus. It will consist of two five-storey buildings with one- and two-bedroom apartments, coworking space, fitness amenities, 182 bicycle stalls, and 266 parking spaces with electric vehicle charging capability.
When will construction start and finish?
Construction is slated to start in August 2025 and reach completion in spring 2027.
Who is financing and developing the project?
The loan was provided by a Western Canadian debt provider that focuses on institutional-style transactions. The project is a joint venture between two development partners active in the region.
How does this fit into Calgary’s wider housing market?
The project is part of a larger wave of new rental supply in Calgary after record deliveries in 2024. Policy changes, strong population growth, and rent increases have driven both public and private responses to add rental housing and diversify supply.
Key Project Features
| Feature | Detail |
|---|---|
| Loan amount | $82.4 million |
| Project name | Arthur |
| Units | 254 purpose-built rental units |
| Address | 555 Bishop Drive, Currie, Calgary |
| Building form | Two five-storey buildings |
| Unit mix | One- and two-bedroom apartments |
| Construction timeline | Start August 2025 — Completion spring 2027 |
| Bicycle stalls | 182 |
| Parking | 266 spaces with EV charging capability |
| Design amenities | Coworking space, fitness amenities |
| Development partners | Joint venture between two regional developers |
Deeper Dive: News & Info About This Topic
Additional Resources
- BusinessWire: KV Capital provides $82.4M construction financing for Calgary rental development
- Wikipedia: Calgary
- MPA Magazine: Calgary multifamily market draws investor confidence
- Google Search: Calgary multifamily market 2025
- MPA Magazine: Advertised rents continue to slide (CMHC)
- Google Scholar: CMHC advertised rents Calgary 2024
- The Globe and Mail: Federal government promises low-cost loans
- Encyclopedia Britannica: federal low-cost loans Canada
- Storeys: Fiera Remington Calgary — Deville Quarry Park
- Google News: Arthur 555 Bishop Drive Calgary
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