Toronto Pinnacle One Yonge | 351.85m | 106s | Pinnacle | Hariri Pontarini

[AHK]

The way it works is a lot of developers will either bring in equity partners on a project by project basis, or raise a fund of money from investors that they will use across multiple projects. But that accounts for only a small portion of the total cost of a project -- probably less than 20 percent. The rest of a project is funded by buyer deposits and a construction loan from a schedule A bank or another private lender (such as a PE fund like Kingsett Capital, Hazelview Investments etc. or pension fund like Otera Capital).

It's possible that Pinnacle funds the required equity component by itself -- without contribution from any outside investors. However outside of that, they would almost certainly be funding the rest with loans from a variety of lenders.

Funding a project with all equity wouldn't make sense for a number of reasons. It would require an exorbitant amount of capital... and would place a huge amount of risk on that money by concentrating it in a handful of projects. And, it would also result in a smaller return than you would get by using leverage.

When Pinnacle first arrived in Toronto, which I believe was for the condominium development on the north side of Harbour Street, between Bay and Yonge Streets, construction was started without pre-sales. The sales suite for the four tower project was set up while the first building was under construction, many years ago. The fourth only information on the UT database is that the fourth tower (they were built successively) was completed in 2011. I wandered into the sales centre shortly after it opened, and asked about Pinnacle having started construction without needing pre-sales. The answer was that Pinnacle had very deep pockets, and could finance the project themselves.

At the time, I did not know enough about the industry's financial practices to ask whether Pinnacle had co-investors or joint venture partners, but my understanding at the time was than Pinnacle had the financial depth that most other Toronto based developers did not have at their disposal.

As a corollary, Menkes is proceeding with the 4800 Yonge project with its ultimate outcome, condominium or rental, has to my knowledge, still not been publicly stated. If it is to be a condominium, obviously Menkes has the financial depth to be able to proceed with construction without needing pre-sales.

 

[tstormers]

From this morning on the Gardiner. The lane closures are backing up traffic to the Yonge ramp today. Not looking forward to busier days as Monday is less traffic now.

 

[MasterJay731]

From this morning on the Gardiner. The lane closures are backing up traffic to the Yonge ramp today. Not looking forward to busier days as Monday is less traffic now.

View attachment 556430

Look at that clauddin’/glass rise! This project is movin’ fast!

 

[unrealestate]

thankfully this tower should grab most attention from the waterfront view and distract eyes away from the atrocities committed by Daniels and, to a lesser degree, Menkes

 

[C-mac]

thankfully this tower should grab most attention from the waterfront view and distract eyes away from the atrocities committed by Daniels and, to a lesser degree, Menkes

I don't think there's anything wrong at all with SW 1 and 2.

 

[Amare]

I don't think there's anything wrong at all with SW 1 and 2.

The balcony guard design on Sugar Wharf definitely saved that project from being generic. One thing i'll say about SW is that it has the one of worst podiums i've ever laid eyes to and walked through; it's a functional mess and the design is pure sterility.

Phase 1 of the Pinnacle project has a podium that's much better than what we see over at Sugar Wharf, and Phase 2 will just carry that fine work over. The towers here also have a design which doesn't rely soly on the balcony guard design, so that helps elevate things quite a bit.

 

[Branden Simon]

April 14, 2024

 

[yrt+viva=1system]

15.4.24

 

[C-mac]

. One thing i'll say about SW is that it has the one of worst podiums i've ever laid eyes to and walked through;

But the podium doesn't effect the skyline.

 

[Amare]

But the podium doesn't effect the skyline.

You mentioned you dont think there's anything wrong with Sugar Wharf, so I was pointing out some of the things that are wrong with it.

 

[unrealestate]

I don't think there's anything wrong at all with SW 1 and 2.

two rectancles with no design to speak of and an arbitrary minecraft pattern slapped on. these will basically be in the waterfront view for the rest of our lifetimes and thats what we accept for architecture

 

[isaidso]

The top shelf architecture that's starting to get built (Forma, The One) is imperative if appreciation for good design is to materialize. You can't covet good design if you've never been exposed to it. For many Torontonians, all they've ever known is banal utilitarian everything.

But the podium doesn't effect the skyline.

We have to walk by that thing for the next 50+ years.

 

[mburrrrr]

The 21st. 20th floor was probably poured on Friday night or Saturday.

Mirror image to read the reflection.

 

[Collingwoodbuildinglover]

Yep not even close to it's true height and already looks so imposing and so beautiful absolutely loving the glass on this one can't wait till it passes the transfer slab and we start to see those curves get accentuated

 

[C-mac]

The top shelf architecture that's starting to get built (Forma, The One) is imperative if appreciation for good design is to materialize. You can't covet good design if you've never been exposed to it. For many Torontonians, all they've ever known is banal utilitarian everything.



We have to walk by that thing for the next 50+ years.

I know, but my response was in regards to the post about how it looks from the water and how it effects the skyline. Anyway, maybe my opinion is skewed because of the plethora of ugly green and blue rectangles that have saturated the area.