Established in 2013, Forgestone is a leading Canadian real estate private equity and private debt firm that executes strategies across a range of real estate asset classes.
INTRODUCING
Uniquely positioned to provide stable returns by pursuing both strategic debt and equity investments, allowing for unbiased portfolio optimization.
Focus on maintaining yield thresholds with tangible upside potential
Co-investing alongside institutional real estate funds with ability to participate in the GP economics to enhance returns
Deploy capital across multiple geographic, risk and asset class spectrums
Targeting superior risk adjusted returns:
annualized net returns
cash distribution, paid monthly
OUR STRATEGIES
DREF can deploy capital across the full capital stack, providing tailored solutions that align with macroeconomic conditions and market dynamics to enhance downside protection.
Originate and structure creative capital solutions for developers and operating partners, deploying capital across the full capital stack.
Investment strategies include senior debt, junior debt, participating debt, and preferred equity, with a focus on clearly delineated investment strategies, coupled with speed and certainty of execution.
Industrial | Toronto
Repositioning last mile industrial in the GTA through a short duration lease up strategy
$18 million first mortgage bridge loan for a 160,000 sf value-add industrial asset located in the GTA. This 18-month financing supported a lease-up and stabilization strategy on 20% co-GP equity investment for a programmatic strategy to construct, lease, and sell four mid-rise rental buildings totaling 400,000 sf over 48 months.
Residential Land
Unlocking large scale residential density through an entitlement strategy
Multi-Family Apartment
Bridging transitional Vancouver multi-family assets to long term CMHC financing
$12 million first mortgage loan secured by 40-unit, 45,000 sf multifamily asset, supporting repositioning and transition to CMHC financing with 24 months.
Deploy thematic equity capital alongside institutional partners to execute on high conviction opportunities.
Strategies span the risk spectrum and major asset classes, including residential, industrial, and alternative sectors, with an emphasis on disciplined underwriting and value creation through active asset management.
Purpose-built Rental Developments
Scaling purpose-built rental through programmatic mid-rise development in Vancouver
Industrial
Capturing mark to market upside in Montréal large-bay industrial through single tenant lease up
$20 million 20% co-GP equity investment for a programmatic strategy to construct, lease, and sell four mid-rise rental buildings totaling 400,000 sf over 48 months.
Industrial Condominiums
Converting small-bay industrial into strata ownership to capture end user demand
$12 million 50% LP investment in an 80,000 sf small-bay industrial asset, executing a condo conversion strategy and selling individual units a premium over 24 months.
INVESTMENT GUIDELINES
The DREF objective is to build a dynamic real estate portfolio generating stable monthly distributions, coupled with capital appreciation upside. Investment guidelines, adapted for market conditions over time include:
The Fund focuses on Canada’s leading metropolitan markets with diversified economies, strong employment bases, and sustained population growth. The Fund will also selectively invest in high growth secondary markets with improving economic fundamentals and sector focused growth.
The Fund invests across real estate asset classes on a thematic basis, with a focus on sectors benefiting from structural growth trends. Key areas include residential, industrial, and alternative assets, supported by long term demand drivers such as housing supply constraints and the continued expansion of ecommerce and logistics infrastructure.
The Fund maintains flexibility to invest across the full risk return spectrum, from core income producing assets to opportunistic developments. This approach allows for disciplined capital allocation across market cycles, with an emphasis on achieving compelling risk adjusted returns through a diversified mix of stable cash flow and value creation strategies.
UPDATES
Canada’s real estate market is deep in a reset. Prices have fallen 17% from their peak, and development pipelines in Toronto and Vancouver have thinned to levels last seen in the mid-2000s. To Trevor Blakely at Forgestone Capital, that’s a clear signal to jump in…
Feb 10, 2026
The DREF objective is to build a dynamic real estate portfolio generating stable monthly distributions, coupled with capital appreciation upside. Investment guidelines, adapted for market conditions over time.
