At MCAP, we take pride in financing projects that not only shape skylines but also strengthen communities. Our latest featured financing, Harris Green Village, is a prime example of how strategic lending and thoughtful development can create lasting impact.
Financing that Fuels Growth
We’re supporting the project with a CMHC-insured first mortgage to facilitate the construction financing of Harris Green Village under CMHC’s MLI Select Program. This program rewards projects that prioritize affordability, accessibility, and energy efficiency — all values that are central to this development.
“We are proud to work in partnership with the Starlight team to provide an effective financing solution for the largest purpose-built rental project in the history of Victoria,” David Boyle, Managing Partner, Commercial Mortgages at MCAP, explains. "It's important to note that projects like Harris Green would not be possible without the support of both CMHC and the city of Victoria."
Starlight’s commitment to creating affordable and energy-efficient units ensures Harris Green Village will deliver housing solutions that meet today’s needs while planning for the future.
A Landmark Development in Victoria
Once complete, Phase 1 of Harris Green Village will comprise two newly constructed concrete high-rise apartment buildings — 20 and 21 storeys — connected by a five-storey podium. Together, they will comprise of 526 residential units atop ~35,000 sq. ft. of commercial retail space and a three-level underground parking garage.
These rental units will offer high-quality finishes with the development designed for comfort and community, with amenities such as:
- Accessible children’s play areas
- Retail patio space
- Dog park
- Rooftop terrace
- Bicycle storage and storage lockers
- Gym & fitness studio
- Multi-purpose lounge and games room
- Dog wash spa
- Co-working and study space
Affordability at the Forefront
Housing affordability is a major concern across Canada, and the Harris Green Village project aims to alleviate some of that concern with the creation of affordable housing units. “At MCAP, we love working on financing solutions for projects such as Harris Green Village, as it will deliver much-needed new affordable housing supply to a market that has been recognized as one of the most expensive in Canada,” David Boyle explains.
The project will provide 80 affordable units within Phase 1. The project will also achieve a 25% decrease in energy intensity & gas emissions. At completion, Harris Green Village will deliver indispensable additional rental supply to a market with a current vacancy rate of just 2.6%.
Vibrant Commercial Space
Harris Green Village Phase 1 will also feature four commercial units totaling ~35,000 sq. ft. The majority (27,083 sq. ft.) has already been pre-leased to a grocery store, ensuring a key amenity is available to residents and the surrounding neighbourhood. The remaining units will be home to a liquor store (~3,500 sq. ft.) and a daycare (~5,000 sq. ft.).
Community-Centered Design
More than just buildings, Harris Green Village will provide half an acre of public open space and community-oriented amenities, including landscaped courtyards, rooftop social areas, outdoor dining and barbeque spaces, children’s play areas, dog runs, lounges, gyms, and fitness studios.
“Harris Green Village was designed based on the unique needs of the community and will feature vibrant, publicly accessible open spaces created to foster a sense of connection for both residents and neighbours,” the Starlight team describes. “These will include a street-facing plaza alongside quiet residential green space, offering areas for pets, community gatherings, and accessible play spaces, seamlessly integrating urban life with the city’s natural beauty.”
A short walk to downtown Victoria, the development is optimally located with easy access to public transit, major highways, waterfront trails, restaurants, and shops.
About Starlight and Their Commitment to Sustainability
For Starlight Investments, creating a positive impact through their developments is always the driving force behind what they do. “Creating vibrant, safe and welcoming communities where residents can live, work, grow and thrive is central to Starlight’s design philosophy and planning process,” the team explains. “Our approach to design is intentional, collaborative, and long-term focused – with outcomes that are reflective of diverse resident lifestyles and community needs.”
Partnering to Help Developers Achieve their Goals
Teamwork is integral to the success of any development project – and we’re proud of the partnership that has grown between MCAP and Starlight. “Starlight’s relationship with MCAP began over a decade ago, but since then has really accelerated, particularly since 2020, with a large industry-wide pivot into CMHC financing,” the Starlight team explains. “What particularly drew us to MCAP was their seamless execution, efficient process, competitive rates and, most importantly, relationship-centric platform. It has truly been a win-win relationship that has thrived by building mutual trust through successful execution.”
Strong client relationships have been foundational for MCAP and it’s something we strive to maintain consistently. According to David Boyle, “Establishing longstanding, high-trust relationships mean our clients know we will deliver for them regardless of the project size involved.”
A Vision for Victoria’s Future
Harris Green Village is more than a development — it’s an investment in sustainable growth, much-needed rental housing, and vibrant urban living in Victoria. When the full multi-phase project is complete, Harris Green Village will deliver over 100,000 sq. ft. of commercial and retail space alongside 1,500+ suites, making it a true mixed-use community.
Construction has already begun, with final completion of Phase 1 anticipated by 2029. We’re proud to play a part in bringing this vision to life and look forward to sharing more updates upon completion.
Learn more about the project at Starlight Investments – Harris Green Village.
Photographs and renderings courtesy of Starlight Investments.
