Harbour Equity Closes Fourth Joint Venture Development Fund, Raising $67.95 Million in Capital; Fully Commits Third Joint Venture Development Fund

TORONTO, April 03, 2018 (GLOBE NEWSWIRE) -- Harbour Equity Capital Corp. ("Harbour Equity") is pleased to announce that it has closed a $67.95 million private placement offering for Harbour Equity JV Development Fund IV and is now actively reviewing investment opportunities for the funds raised.

"We're very excited about the investment prospects for our fourth fund for which we are evaluating a number of high quality real estate investments in the $3 million - $15 million range," said Harbour Equity President, Ari Silverberg. "We are grateful for the continued support of our returning investors and are extremely pleased with the quality of first-time investors we have welcomed into the fourth fund."

Harbour Equity utilizes a variety of joint venture structures to invest in both ground-up development and value-add opportunities, either at the time of land acquisition or later in the development process, with the goal of providing its development partners with patient capital and flexibility to achieve maximum profitability. Harbour Equity is interested in opportunities across real estate asset classes in major markets throughout Canada.

Harbour Equity is also pleased to announce that its third fund, the $55.4 million Harbour Equity JV Development Fund III, is now fully committed to ten joint venture projects across Canada. Highlights of the third fund's commitments include:

• $10.8 million commitment for a 50% interest in a nine-acre medium density parcel of land in Mississauga, Ontario that will accommodate a combination of approximately 300 townhouse, stacked townhouse, and condominium units.
   
• $4 million commitment for a 50% interest in a 167-unit mixed use condominium project in Etobicoke, Ontario.
   
• $7.2 million commitment for a 50% interest in a 200-unit multifamily building in the Township of Langley, BC. 
   
• $8.25 million commitment for a 35% interest in a 230-unit townhouse project in Burlington, Ontario. 
   
• $3.6 million commitment for a 50% interest in a 45-acre site in suburban Ottawa, Ontario that will accommodate a combination of 480 condominium units, townhouses, and semi-detached houses. 

Harbour Equity, a leading capital provider for developers in urban markets throughout Canada, has invested in 38 developments, which on completion will comprise over $1.5 billion in real estate value, in a range of asset classes including for-sale and purpose-built rental residential, retail, office and industrial developments. As of March 2018, Harbour Equity had successfully exited 11 investments, and continues to hold five stabilized assets on a long-term basis.

About Harbour Equity Capital Corp.
Harbour Equity provides equity capital to experienced real estate developers across Canada and is part of The Harbour Group, a multi-dimensional real estate investment platform. For more information please visit our website at:  www.harbourequity.com.

For information, please contact:

Ari Silverberg
President, Harbour Equity Capital Corp.
(416) 361-3315 x238
[email protected]

Alan Winer
Principal, Harbour Equity Capital Corp.
(416) 361-3316
[email protected]

A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/f23d3784-afbc-4062-adae-30afca091301