U.K. developer gets historic $763M Canadian loan for Burnaby rental tower | Daily Hive

A render of Brentwood Block. (Grosvenor)

Grosvenor, a developer based in the United Kingdom, just received $763 million from the Canadian government for Brentwood Block, a residential rental apartment complex in Burnaby.

As Daily Hive Urbanized previously reported, Brentwood Block is Grosvenor’s largest project in Metro Vancouver to date.

The first phase alone entails a 41-storey strata-titled condominium tower and two purpose-built, secured rental housing towers. Altogether, these initial three towers will generate 1,731 homes, comprising 1,279 rental units and 451 condominium units.

Renderings. (Grosvenor)

It’ll also have 160,000 sq. ft. of retail and commercial space, according to Grosvenor.

The Grosvenor website states that you can own at Brentwood Block with a 10 per cent deposit, including five per cent now and five per cent in 2026, starting in the mid-$500,000s.

“Additionally, the site will be home to a new City of Burnaby community centre, extensive public plazas and outdoor amenity spaces,” Grosvenor says.

The funding comes as part of the federal government’s Apartment Construction Loan Program (ACLP).

Grosvenor says that this is the “second largest loan of its kind in Canada” and says that the federal government is “stepping up” to increase the housing supply in Canada, adding that the investment is unprecedented.

The U.K.-based developer states that the funding is a fully repayable, low-interest loan, encouraging the construction of more rental properties for middle-class Canadians.

“It creates a positive impact to the housing system at minimal cost to taxpayers,” Grosvenor says.

Grosvenor

Gregor Robertson, former Vancouver mayor and current Canadian Minister of Housing, also had some words to share about the funding announcement.

“We need to build more, build better and build bolder. Through investments in rental housing, our government is supporting those who need it most, here in British Columbia and across the country,” Robertson said, adding, “We are committed to strengthening communities through initiatives like this one.”

Burnaby Mayor Mike Hurley also commented on the announcement, saying the City is proud to be delivering Western Canada’s tallest all rental tower “as a part of our new transit-oriented, amenity-rich neighbourhood.”

It also exceeds the tallest future rental housing towers at the Oakridge Park and Senakw projects in Vancouver.

This $763 million loan is just part of the significant investments the CMHC has made.

“As of June 2025, CMHC has committed $24.9 billion in loans through ACLP to support the creation of more than 63,500 rental homes.”

As of the end of May 2025, 30 per cent or well over 100 of the 451 condominium homes had already been sold.

With files from Kenneth Chan

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