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 $82.4 million construction loan for 254-unit rental in Calgary
What happened: A Western Canadian lender has completed an $82.4 million construction loan to support a new purpose-built rental project at 555 Bishop Drive in Calgary’s Currie neighbourhood. The funding backs a joint venture between two established development partners and is intended to move the 254-unit project into construction on schedule.
Key project facts
The development, known as Arthur, will consist of two five-storey buildings offering one- and two-bedroom apartments. The site sits adjacent to a major post-secondary campus and was described by the lender as having strong locational fundamentals tied to employment centres and planned transit infrastructure. Work is slated to begin in August 2025 with targeted completion in spring 2027.
Financing and market signal
The lender framed the transaction as evidence of institutional confidence in Western Canada’s rental demand, saying the financing was structured to meet institutional underwriting standards and to enable timely delivery of high-quality rental stock. The firm emphasized its focus on supporting developments that address genuine housing needs in cities experiencing population growth and rising rents.
Amenities and parking
Design features target evolving renter preferences and include coworking space, fitness amenities, and extensive cycling infrastructure with 182 bicycle stalls. Vehicular parking will provide 266 spaces and include electric vehicle charging capability.
Why this matters locally
The project joins a larger wave of rental development in Calgary. Delivery data cited by the lender notes that the city completed 9,585 rental units in 2024, roughly double the previous annual record. That surge followed rapid population growth (about 15% since 2020) and steep rent increases over the same period. Average rent comparisons in the region were highlighted to show Calgary remains relatively affordable compared with the country’s priciest markets.
Broader market context
Recent industry reporting indicates developers and institutional investors are adjusting strategies as financing rules tighten. Changes to lending programs and insurance requirements have prompted sharper underwriting and more disciplined pricing, but institutional appetite for multifamily assets in the city remains strong. Zoning reforms introduced in mid-2024 have also accelerated middle-density housing, helping projects move from concept to construction in urban corridors.
A regional snapshot shows a mix of activity: several dozen rental developments are under construction or proposed, while sales volumes and pricing trends have moderated following rapid increases in past years. Vacancy rates ticked up slightly as new supply completed, but rents and demand trends remain supportive in many neighbourhoods, particularly in Southwest Calgary where annual rate growth showed notable resilience in 2024.
Lender background and transaction governance
The debt provider described itself as a long-standing Western Canadian financing firm with a track record of funding across private companies, real estate development and commercial mortgages. The firm reported roughly $700 million in assets under management and more than $1.8 billion in funded investments historically. Licensing details and regulatory identifiers for multiple provinces were noted in the original financing announcement, and the release included the usual forward-looking caution that projections and market expectations may change due to economic and regulatory shifts.
Timing and next steps
With financial close complete, site mobilization and permitting are the anticipated next steps ahead of the planned August 2025 construction start. The developer partners expect to deliver units to the market as inventory additions and supply-demand dynamics stabilize over the coming two years.
Risk and disclaimer
The financing announcement included a standard forward-looking statements notice stressing that actual outcomes could differ materially because of changing economic conditions, regulatory developments, construction risks, financing market volatility and other factors. Past activity and reported metrics do not guarantee future performance.
Frequently Asked Questions
What is the scale of the loan and who benefits?
The loan totals $82.4 million and supports a 254-unit purpose-built rental development at 555 Bishop Drive in Currie, Calgary. The joint-venture developers will use the funds to move the project into construction.
When will construction begin and finish?
Construction is scheduled to start in August 2025 with a targeted completion in spring 2027.
What unit types and amenities are planned?
The project will offer one- and two-bedroom apartments across two five-storey buildings. On-site amenities will include coworking space, fitness facilities, extensive bicycle storage (182 stalls) and 266 parking stalls with electric vehicle charging.
How does this fit into Calgary’s rental market?
The project is part of a recent wave of rental deliveries in Calgary following strong population growth and rent increases. Industry reporting shows a mix of rising completions and continued investor interest as financing rules evolve.
Are there any cautions about the forward-looking statements?
Yes. The financing announcement included a standard notice that projections and expectations are subject to change due to economic conditions, regulatory shifts, construction and financing risks.
Project key features
| Feature | Details |
|---|---|
| Loan amount | $82.4 million |
| Project name | Arthur |
| Address | 555 Bishop Drive, Currie, Calgary |
| Units | 254 purpose-built rental units (one- and two-bedrooms) |
| Buildings | Two five-storey buildings |
| Construction timeline | Start August 2025 — Target completion spring 2027 |
| Amenities | Coworking, fitness, 182 bicycle stalls |
| Parking | 266 spaces with EV charging |
| Nearby anchors | Adjacent to a university campus and near planned transit links |
| Lender profile | Western Canadian debt provider, founded 2006, ~ $700M AUM, >$1.8B funded historically |
This article summarizes a financing announcement and related industry context. All timeline and market statements are based on the information available at the time of publication and may change as project planning and market conditions evolve.
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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