Western Canadian debt provider supports 254-unit project as market transitions to balanced supply-demand fundamentals
KV Capital Inc. announced the closing of a $82.4-million construction loan for Arthur, a 254-unit purpose-built rental project in Calgary’s Currie neighbourhood. The financing supports the joint venture between Anthem Properties Group Ltd. and Arrowleaf Real Estate Holdings Ltd.
Located at 555 Bishop Drive adjacent to Mount Royal University, the development will deliver one- and two-bedroom apartments across two five-storey buildings. Construction commenced August 2025, with completion targeted for spring 2027.
Market cycle supports disciplined investment
Calgary’s rental sector has undergone substantial rebalancing following record construction activity. The city delivered 9,585 units in 2024 – doubling the previous record – as developers responded to population growth of 15 per cent since 2020 and corresponding rent increases of 50 per cent.
“We are seeing institutional capital recognize Calgary’s maturation into a balanced rental market,” said Jesse Warwa, senior director, origination at KV Capital. “The Arthur project benefits from strong locational fundamentals and will be delivering units as the market supply-demand dynamics stabilize.”
Calgary continues attracting interprovincial migration from higher-cost markets, maintaining rental costs approximately 30% lower than Canada’s most expensive markets, with average rents of $1,911 compared to Vancouver’s $2,820 and Toronto’s $2,606.
Prime positioning in growth corridor
The Currie neighbourhood exemplifies Calgary’s urban densification strategy, benefiting from proximity to major employment centres and planned transit infrastructure. Southwest Calgary demonstrated rental resilience in 2024, leading annual rate growth at 22 per cent despite increased inventory.
Arthur’s design targets evolving renter preferences with coworking facilities, fitness amenities, and extensive cycling infrastructure featuring 182 bicycle stalls. The project includes 266 parking spaces with electric vehicle charging capabilities.
“This transaction reflects our focus on supporting quality development that addresses genuine housing demand,” added Warwa. “Calgary’s economic diversification and relative affordability position it well for sustained rental market performance.”
The financing was structured to meet institutional underwriting standards while supporting the delivery of much-needed rental housing supply. By enabling the timely development of this project, the funding reflects lender confidence in Calgary’s strong multi-family demand and contributes directly to addressing the city’s growing need for high-quality rental options.
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