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’s Currie
Key point: A construction loan of $82.4 million has been closed to fund a 254-unit purpose-built rental development at 555 Bishop Drive in the Currie neighbourhood of Calgary. The deal supports a joint venture between two private development partners and is expected to start construction in August 2025 with targeted completion in spring 2027.
Project essentials
The development, named Arthur, will deliver one- and two-bedroom apartments laid out across two five-storey buildings adjacent to a university campus in southwest Calgary. Design highlights include coworking space, fitness amenities, extensive cycling infrastructure with 182 bicycle stalls, and vehicle parking with 266 spaces and electric vehicle charging capability. The financing was structured to meet institutional underwriting standards and was presented as a transaction intended to enable timely delivery of rental supply in Calgary.
Financing and lender profile
The construction loan was arranged by KV Capital Inc., a Western Canadian debt provider founded in 2006 and headquartered in Edmonton. The firm manages approximately $700 million in assets and has funded over $1.8 billion of investments across private operating businesses, real estate development, and commercial mortgages. KV Capital is a licensed mortgage brokerage in Alberta, Ontario and British Columbia and a licensed financing corporation in Saskatchewan.
Timeline and capacity
Construction is slated to begin in August 2025 with an anticipated completion window in spring 2027. The project will add 254 purpose-built rental units to the Calgary market, delivered in two five-storey blocks and targeted at contemporary renter preferences including flexible work space and active-transportation amenities.
Market context
Recent local data point to rapid growth in Calgary’s rental inventory and population. A record 9,585 units were delivered in 2024, which represented a doubling of the previous annual delivery record. Population rise since 2020 is reported at about 15%, and corresponding rent increases of roughly 50% were noted over the recent period. Average monthly rents referenced for comparison show Calgary around $1,911 versus $2,820 in Vancouver and $2,606 in Toronto.
Industry reporting indicates institutional investors and larger private owners are increasingly active in the region, with zoning reforms supporting more middle-density development and a pipeline of new rental projects. Suburban pockets in the southeast and southwest have shown resilient rent growth despite rising inventory, and one area in southwest Calgary led annual rate growth at 22 percent in 2024.
Why the deal matters
The loan is presented as evidence of sustained institutional interest in Western Canadian multifamily assets and of confidence in Calgary’s shifting supply-demand balance. By allowing the joint venture to move forward on schedule, the financing is expected to contribute to the delivery of new, higher-quality rental options near employment and transit corridors in a neighbourhood identified for urban densification.
Regulatory, risk and contact notes
The financing arrangement and the release surrounding it included forward-looking statements about market conditions and project performance and warned that actual results could differ materially due to economic, regulatory or other factors. The lender highlighted that past performance does not guarantee future outcomes and that it has no obligation to update forward-looking remarks except as required by law.
For inquiries related to the financing announcement, two corporate contacts were listed with phone and email for media and investor relations purposes.
FAQ
What is the Arthur project and where is it located?
The Arthur project is a 254-unit purpose-built rental development at 555 Bishop Drive in the Currie neighbourhood of Calgary, adjacent to a university campus.
Who financed the project?
A construction loan of $82.4 million was provided by a Western Canadian lender to support a joint venture between two development partners.
When will construction start and finish?
Construction is scheduled to begin in August 2025 and the project targets completion in spring 2027.
What types of units and amenities will be included?
The development will contain one- and two-bedroom apartments across two five-storey buildings. Planned amenities include coworking space, fitness facilities, 182 bicycle stalls, and 266 parking stalls with electric vehicle charging capability.
How does this project fit into the wider Calgary rental market?
The project is part of a wider wave of rental supply and investor interest in Calgary, where recent large deliveries and population gains have prompted new construction and institutional capital allocations to multifamily assets.
Key features at a glance
| Feature | Detail |
|---|---|
| Loan amount | $82.4 million |
| Project name | Arthur |
| Address | 555 Bishop Drive, Currie, Calgary |
| Units | 254 purpose-built rental units |
| Building form | Two five-storey buildings |
| Unit mix | One- and two-bedroom apartments |
| Amenities | Coworking space, fitness facilities |
| Cycling provision | 182 bicycle stalls |
| Vehicle parking | 266 spaces with EV charging capability |
| Construction timeline | Start August 2025 — Target completion spring 2027 |
| Lender | KV Capital Inc. (Western Canadian debt provider) |
| Lender highlights | Founded 2006, HQ Edmonton, AUM approx. $700M, >$1.8B funded |
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
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