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 project in Calgary
A regional lender has completed an $82.4 million construction loan to fund a new purpose-built rental development named Arthur at 555 Bishop Drive in Calgary’s Currie neighbourhood. The financing supports a joint venture between two development partners and clears a major financing milestone ahead of ground breaking.
Key facts up front
The project will deliver 254 one- and two-bedroom apartments across two five-storey buildings. Construction is scheduled to begin in August 2025 with targeted completion in spring 2027. The site sits adjacent to a major post-secondary campus and is positioned to benefit from nearby employment and planned transit infrastructure.
Project layout and amenities
Arthur is designed for modern renters and includes coworking space for remote or hybrid workers, fitness facilities, and extensive cycling infrastructure with 182 bicycle stalls. The development will provide 266 parking spaces and will be equipped with electric vehicle charging capabilities. The mix of unit sizes and on-site amenities aims to match evolving renter preferences in urban neighbourhoods.
Who is behind the deal
The construction loan was arranged by a Western Canadian debt provider headquartered in Edmonton that was founded in 2006. The firm manages roughly $700 million in assets and has funded about $1.8 billion in investments across private operating businesses, real estate development and commercial mortgages. The financing was structured to institutional underwriting standards to support the joint venture between the two development partners.
Why the lender moved now
The lender framed the transaction as evidence of institutional confidence in multi-family demand in Western Canada, saying the structure was built to enable timely delivery of high-quality rental stock as market dynamics stabilize. The development’s location near employment centres and future transit connections was cited as a key locational strength supporting the loan decision.
Calgary rental market context
The loan comes as Calgary’s rental market works through a recent wave of new supply. The city delivered 9,585 units in 2024, which the release described as doubling the previous annual record for completions. That delivery was presented as a construction response to strong population gains and earlier rent increases. Over the period since 2020, Calgary’s population rose about 15% while rents increased roughly 50% according to the data cited. Current average rents presented in the materials were approximately $1,911 in Calgary compared with about $2,820 in Vancouver and $2,606 in Toronto.
Industry reporting and financing trends
A recent multifamily overview covering Calgary notes that institutional investors, REITs and private developers are showing increased interest in multi-family assets, supported by zoning reforms that accelerated middle-density development. The report also points to tighter underwriting and more complex financing rules from federal programs, yet notes that lenders remain active and that investment sales volumes are tracking close to last year’s levels.
Local policy and non-market supports
Municipal efforts to grow non-market and affordable housing continue alongside private development. A local housing capital initiative provided a $30.7 million first-phase allocation to several non-profit projects intended to deliver hundreds of non-market homes, prioritizing fast delivery and projects serving equity-deserving groups and neighbourhoods with strong transit access.
Risks and forward-looking notes
The financing announcement included a standard forward-looking caution, noting that future results could vary materially because of economic conditions, regulatory changes, and market volatility. Past performance was noted as not guaranteeing future outcomes, and the lender indicated no obligation to update forward-looking statements except as required by law.
Contact and disclosure (from the financing release)
Media and investor contacts were listed in the financing materials. This article presents the financing and market facts for information only and does not constitute a recommendation or endorsement.
FAQ
What is the Arthur project?
Arthur is a proposed 254-unit purpose-built rental development at 555 Bishop Drive in Calgary’s Currie neighbourhood, designed as two five-storey buildings with one- and two-bedroom apartments and shared amenities.
Who provided the construction loan and for how much?
A Western Canadian debt provider arranged an $82.4 million construction loan to fund the project. The lender manages roughly $700 million in assets and has experience across real estate and operating-business investments.
When will construction start and finish?
Construction is scheduled to begin in August 2025 with targeted completion in spring 2027.
What amenities and parking are included?
Amenities include coworking space, fitness facilities, cycling infrastructure with 182 bicycle stalls, and 266 parking spaces with electric vehicle charging provisions.
How does this project fit Calgary’s housing picture?
The project adds market rental supply in a city that recently saw record completions and notable population growth. Developers and lenders view such projects as part of a broader shift toward balanced supply-demand fundamentals in Calgary’s rental market.
Key project features
| Feature | Detail |
|---|---|
| Project name | Arthur |
| Address | 555 Bishop Drive, Currie, Calgary |
| Loan amount | $82.4 million |
| Units | 254 one- and two-bedroom apartments |
| Buildings | Two five-storey buildings |
| Construction timeline | Start: August 2025 · Target completion: Spring 2027 |
| Bicycle stalls | 182 |
| Parking spaces | 266, including EV charging |
| Financing structure | Institutional underwriting standards |
| Developer partners | Joint venture between two development firms |
| Lender background | Founded 2006 · Head office in Edmonton · ~ $700M AUM · $1.8B funded historically |
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
Author: Construction CA News
CALIFORNIA STAFF WRITER The CALIFORNIA STAFF WRITER represents the experienced team at constructioncanews.com, your go-to source for actionable local news and information in California and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as the Rose Parade, Coachella, Comic-Con, and the California State Fair. Our coverage extends to key organizations like the California Building Industry Association and Associated General Contractors of California, plus leading businesses in technology and entertainment that power the local economy such as Apple and Alphabet. As part of the broader network, including constructionnynews.com, constructiontxnews.com, and constructionflnews.com, we provide comprehensive, credible insights into the dynamic landscape across multiple states.
