STRENGTH · Builders & Developers · Rental Housing
The federal government has provided a $51.2-million low-cost loan through the Apartment Construction Loan Program for Gilbertson Block, a 199-unit purpose-built rental at 210 Lakewood Road East NW in Edmonton’s Mill Woods. Rohit Group and Covenant are contributing a further $5.1 million, bringing the project to $56.1 million. The building will offer in-suite laundry, a gym, heated underground parking, air conditioning and tenant lounges, and sits adjacent to the Stelmach Community Health Centre as part of the Covenant Wellness Community, which pairs health care with housing (CMHC, Aug. 25).
“Every person deserves a home they can afford in a community that supports their wellbeing,” said Rohit Group CEO Rohit Gupta. Completion is expected in late 2027.
What it means: This is a strong position for Rohit: subsidized long-term debt on a rental asset with a built-in institutional partner, in a market where asking rents have softened but occupied rents keep climbing. The health-integrated rental model is also a differentiated story most Alberta developers don’t have — and with a late-2027 delivery, the lease-up and brand-building window for this project opens within the next twelve months.
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