Grosvenor secures $763M loan for Burnaby rental project

Key Takeaways:

• The federal government is providing Grosvenor with $763 million in low-interest financing through CMHC’s Apartment Construction Loan Program (ACLP) to build 1,279 rental units in Burnaby’s Brentwood Block — one of the largest ACLP commitments in Canada.
• The 7.9-acre, transit-oriented master plan will feature Western Canada’s tallest all-rental tower, 451 condos, 160,000 sq. ft. of retail and commercial space, and a new city community centre and public plazas, marking a major urban revitalization effort.
• Expanded National Housing Program: The ACLP, now extended to 2031–32 with a $55-billion envelope, aims to create over 131,000 rental units nationwide and has broadened eligibility to include student and seniors housing, reflecting Ottawa’s intensified focus on boosting rental supply across Canada.

The Whole Story:

Grosvenor has received $763 million in federal financing for its Brentwood Block development, which will deliver 1,279 rental units in Burnaby through the Canada Mortgage and Housing Corporation’s Apartment Construction Loan Program.

The loan, announced Oct. 14 by the federal government, is the second-largest ACLP commitment in Canada and will support construction of what Grosvenor says will be Western Canada’s tallest all-rental tower.

The multi-phase master plan occupies a 7.9-acre site encompassing an entire city block in the heart of Brentwood. When complete, the project will include 1,279 rental units, 451 condominiums and 160,000 square feet of retail and commercial space, along with a new City of Burnaby community centre and public plazas.

“At Brentwood Block, we are proud to be delivering Western Canada’s tallest all rental tower as a part of our new transit oriented, amenity rich neighbourhood that includes Burnaby’s new community center,” said Steve O’Connell, chief executive officer of Grosvenor’s North American Property business. “The ACLP is key to this development’s viability, facilitating the Private Sector’s role in contributing much needed rental housing to Canada’s undersupplied markets.”

The announcement was made by Randeep Sarai, secretary of state for international development and MP for Surrey Centre, on behalf of Housing and Infrastructure Minister Gregor Robertson, alongside Burnaby Coun. Pietro Calendino and O’Connell.

“Through the Apartment Construction Loan Program, we are taking action to increase the supply of new rental housing by investing more than $763 million in the construction of nearly 1,300 homes in Burnaby,” Sarai said in a statement.

The ACLP provides low-interest, fully repayable loans to encourage construction of purpose-built rental housing. As of June 2025, CMHC had committed $24.9 billion through the program to support creation of more than 63,500 rental homes across Canada. The program’s total envelope is $55 billion, targeting more than 131,000 new rental units by 2031-32.

Budget 2024 extended the program from 2027-28 to 2031-32 and expanded eligibility to include student housing and independent seniors housing. Minimum energy efficiency and accessibility requirements were removed in favour of voluntary commitments.

Burnaby Mayor Mike Hurley said the city “continues to set an example for how cities can lead by working hand in hand with all levels of government and the development community to create new, affordable homes throughout our community.”

Grosvenor has operated in North America since 1952 and held $5 billion in assets under management as of Dec. 31, 2024, including 60 properties and a $6.4-billion development pipeline.