How do apartment developers secure financing for projects worth tens or even hundreds of millions of dollars?
In this episode of the RMS Real Estate Development Podcast, Curtis Way sits down with Jessica Harland, Senior Vice President with CBRE Capital, to break down the financing process behind modern multifamily developments.
Drawing on her experience as both a lender and a former CMHC professional, Jessica walks through the programs, requirements, risks, and realities developers face when securing construction financing for apartment projects.
The conversation explores how CMHC financing programs have transformed rental housing development in Canada, why Alberta remains one of the country's strongest markets for purpose-built rentals, and what developers need to understand before submitting an application.
Topics Include:
• Understanding CMHC financing programs for apartment development
• CMHC MLI Select versus conventional financing
• Affordable housing, energy efficiency and accessibility incentives
• How much equity developers really need to contribute
• The importance of a strong development pro forma
• Cost consultants, appraisals and due diligence requirements
• Working effectively with lenders and mortgage brokers
• Construction financing approvals and timelines
• Bonding requirements and alternatives such as letters of credit
• Corporate guarantees, personal guarantees and recourse requirements
• Interest rate assumptions and takeout financing strategies
• Managing construction delays and cost overruns
• Common mistakes developers make during the financing process
• Why project management and documentation matter as much as financing
Jessica also explains why having the right financing team is critical, especially for newer developers entering the multifamily space. From application preparation to final loan conversion, the episode highlights how seemingly small decisions can have significant impacts on project success.
Whether you're building your first apartment project or expanding an existing portfolio, this episode offers a practical look at how financing decisions influence every stage of development.
One key takeaway from the discussion: successful financing starts long before the loan application. It begins with a well-prepared pro forma, experienced advisors, and a clear understanding of the risks and requirements involved in bringing a project to life.
To learn more about the RMS Group, please visit:
https://rms-group.ca/This series was produced by Road 55 in Edmonton, Alberta – Learn more at:
road55.caWhat is Real Estate Development: The Curtis Way?
Ever looked at a vacant piece of land and wondered how it becomes an apartment building, shopping centre, or thriving commercial property?
Join the team at RMS Group as they pull back the curtain on the world of real estate development. Through conversations with developers, investors, lenders, brokers, lawyers, property managers, and construction professionals, we'll explore the wins, the mistakes, the risks, and the opportunities behind every project.
From proformas and financing to market cycles, approvals, construction and property management, this podcast is designed for aspiring developers, experienced investors, and anyone interested in how great real estate projects get built.
Real stories. Real deals. Real lessons from the people doing the work every day.