Web of Connections — who profits when Ford decides
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Scandal
Public Money, Private Gains: Ontario's $300M Condo Developer Bailout
The Ford government's Building Ontario Fund quietly committed $300 million in public mezzanine debt to High Art Capital — a little-known private fund — to buy unsold GTA condos from developers and convert them to rentals. Only 25% of the 2,200 units will be "affordable," the developers being bailed out are also paid to manage the properties, and the deal closed in secret two weeks before the public found out.
Connections (8)
- Doug Ford
- Ryan Roebuck
- Peter Bethlenfalvy
- Robert Kavcic
- Brian Porter
- High Art Capital — $300M
- Del Condominium Rentals (Tridel) — $300M (BOF mezzanine debt anchoring the deal)
- Menkes Condominium Rentals — $300M provincial mezzanine debt (of $1.3B fund)