We are raising $10M through Redwood Community Housing Bonds to finance our next affordable housing project in Barrie, Ontario.
We are raising $10M through Redwood Community Housing Bonds to finance our next affordable housing project in Barrie, ON.
Project Details
Westside Lutheran Church at 510 Ferndale in Barrie has entered into an agreement with Redwood Park Communities to provide affordable seniors’ housing.
Westside is selling the property to Redwood, leasing back their church building and holding a mortgage.
This $56M project will create 96 residential units and ground floor commercial space. A Montessori school is planned, along with other services that foster natural community-building opportunities.
This meets a growing need for affordable housing for Barrie’s aging population in community settings and aligns with the city’s new strategy of encouraging residential developments on property zoned for institutional use.
About Redwood Park Communities
Redwood Park Communities is a Simcoe County-based charity founded in 2009 to create safe, affordable, hopeful housing where people thrive in community. Redwood is moving beyond social service to create social change, strengthening and transforming communities by building homes where people can connect, create, and contribute.
2022 Impact:
People Housed
Units under construction
People employed
The Investment
What is a Community Bond?
It is an interest-bearing loan that a non-profit, charity, or co-op can issue to support projects.
In our case, individuals, businesses, and foundations can purchase a Redwood Community Housing Bond and earn fixed interest. At the end of the bond term, investors can choose to redeem their principal or re-invest in any new bonds that may be available.
Redwood Community Housing Bonds will be available in the New Year. Sign up now to be among the first to receive the Investor Information Package.
%
To Goal of $10 million dollars
Investment Options:
510 Ferndale Bond Series
Series B, C, D are RRSP and TFSA eligible. (Click here for more details.)
Project Team
Timothy Kent
Co-founder and CEO
Jeff Bond
Chief Financial Officer
Pieter Kiezebrink Sr. CHS™, PFA™
Chief Asset & Risk Officer
Jennifer van Gennip
Director, Communications & Advocacy
Kevin Tesoro
Coordinator, Communications & Social Innovation
David Kamande
Accounting & Finance Manager
Frequently Asked QUestions
If you have any questions, please don’t hesitate to reach us at invest@redwoodparkcommunities.com or 705.881.1890.
Why community bonds?
Not only can investors (both individuals and institutions) feel good knowing that they are supporting affordable housing in Barrie, they can also earn a great financial return.
How will interest be paid?
Interest payments will be made by electronic fund transfer directly into your bank account annually in January.
How are Redwood Community Housing Bonds managed?
Tapestry Community Capital is supporting Redwood throughout the bond campaign and will manage the investments. Since 1998, the Tapestry team has supported projects from renewable energy to co-working to housing, in successful community financing campaigns, helping to raise and manage $100+ million from over 4,000 investors.
How are the bonds secured?
Redwood Community Housing Bonds are secured against the property, 510 Ferndale.
Can I purchase a bond as a gift for someone else?
Yes! It is slightly different than purchasing a bond for yourself. Email us at invest@redwoodparkcommunities.com to get the process started.
What happens when my Redwood Community Housing Bond matures?
When bonds mature, Redwood will reach out to investors and inform them of their options. Investors will be invited to reinvest the funds into any new bond offerings, and those who wish to have their funds redeemed will have principal and any owing interest deposited into their bank account.
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Our Partners
Tapestry Community Capital
Tapestry Community Capital supports non-profits, co-ops and charities in raising and managing community bonds. Since 1998, Tapestry has supported 41 qualified issuers to raise and manage $100+ million from 4,000+ community investors.
Raising the Roof
Raising the Roof (RTR) is a Canadian charity contributing to the supply of new affordable units through their Reside Program and also their development management services. As the development manager, RTR brings the capacity and expertise needed to deliver the full range of services necessary to oversee this ambitious project.
Chandos Construction
Toronto-based Chandos Construction is building a better world. They are the first and largest B Corp-certified national technical builder in North America, with their values centred in everything they do. As the builder on this project, Chandos brings their proven methods and production systems to complete construction on time and on budget.
Westside Evangelical Lutheran Church
Westside is a family-oriented church that welcomes everyone. The congregation celebrates their 25th anniversary in 2023, with a legacy of community service. The board has appointed a dedicated Project Management Team to oversee the church’s interests in the sale of their property to Redwood and the development design. Westside will be leasing the church building back from Redwood for continued use.