Rental real-estate, hotels and residential projects
Lanterra Canada entered 2026 with a project that is already heavy enough to dominate the balance sheet and cash flow before it has started releasing enough earnings and liquidity, so the story is currently about funding and time to deliveries.
The real cushion behind Lanterra's Series A bond sits in the projects' ability to generate and release cash after senior lenders and covenant gates, not in the reported working-capital surplus.
At Notting Hill, inventory will not turn into free cash simply because construction is advancing. Cash release still requires another CAD 247.5 million of completion cost, sales on 312 unsigned units, closing in March 2028, and full repayment of the construction loan and selling…
