Dream Impact Trust Provides Update on Quayside Development

Executive Summary

• Dream Impact Trust announced the completion of the Quayside partnership reorganization, giving the Trust and its affiliated fund 100% ownership of Phase 1’s multi‑family portfolio on a 25%/75% basis.
• Phase 1 is slated to contain 1,100 market‑rate rental units plus approximately 550 affordable units, to be built in partnership with Waterfront Toronto and the City of Toronto, with construction expected to start by end‑2026.
• The Trust is pursuing long‑term government‑affiliated financing; the project benefits from development charge relief and HST waivers.

Key Details

• Reorganization Completion: February 2026 – split of site with external partner; Dream Impact Trust now holds 100% of Phase 1 portfolio (25%/75% ownership structure).
• Phase 1 Scope: Planned 1,100 multi‑family market rental units and ~550 affordable rental units.
• Partnerships: Development to be undertaken jointly with Waterfront Toronto and the City of Toronto.
• Financing: Trust is in process of securing long‑term government‑affiliated financing for the project.
• Incentives: Project has secured development charge relief and qualifies for HST waivers, similar to the 49 Ontario project.
• Construction Timeline: Expected commencement by end of 2026.
• Strategic Significance: Completion of partnership reorganization is described as a “significant accomplishment” at one of Dream Impact’s milestone projects, enhancing control over the development and aligning with its impact objectives (affordable housing, inclusive communities).

Notable Quotes

“We are pleased to announce the completion of the Quayside partnership reorganization, which is a significant accomplishment at one of our milestone projects,” – Michael Cooper, Portfolio Manager.

Materiality Assessment: Material – Positive (the update conveys substantive progress on a major development project, ownership consolidation, and upcoming construction, all likely to affect the Trust’s future cash flows and impact objectives).