Issuers & Bonds / Centre for Social Innovation / 2025 Community Bonds
Centre for Social Innovation · Ontario, Canada
Not Rated No ImpactBonds credit classification has been assigned to this security.
Offering Statement date: May 1, 2025 · Valid Until: April 30, 2026. The latter does not establish present availability.
CSI describes workspaces, support and connections for social entrepreneurs, including programs and networks for cleantech, women entrepreneurs and nonprofit policy work. These are the issuer’s descriptions of activity, without independent measurement of outcomes. [OS, pp. 6–7]
ImpactBonds has not independently measured these outcomes.
Eligible purchasers: Individuals, corporations and organizations, subject to minimums and subscription conditions.
The terms above describe what this statement permits. Dated evidence of availability and actual issuance is recorded separately below.
The statement describes coworking, facilities, membership and programs in Toronto. In May 2025 CSI owned 720 Bathurst Street and 192 Spadina Avenue and had accepted a conditional offer to sell Bathurst. Its planned transition to the Spadina site is prospective at the document date. [OS, pp. 1–10]
CSI allocated $3,323,321 of the proposed maximum raise to replace maturing Series B and J bonds and $2,813,904 to retire part of the VCIB mortgage. The model also assumed property sale proceeds toward full mortgage retirement. Those figures state intended uses, not confirmed funds raised or a completed sale. [OS, pp. 1–2, 9]
An April 1, 2025 debt table lists Series H, I and K and the VCIB mortgage, while Series B and J refinancing is discussed separately. The table should not be assumed to capture every obligation mentioned elsewhere. [OS, pp. 9, 20–22]
The statement defines Series L at 4.25% with a three-year term and May 15, 2028 maturity; Series M at 5% and N at 6%, both with five-year terms and May 15, 2030 maturity. The $6,137,225 ceiling is combined across series without a specified allocation. [OS, pp. 1, 13–18]
The document sets the terms CSI could offer. It does not identify every dated marketing window or confirm which series was available at each point during the offering.
Actual sales by series cannot be inferred from a combined authorization. A sales or post-offering issuer record is needed to establish amounts sold.
An evidence gap in the latter two categories does not establish that a type was unavailable or unsold.
Series L interest is payable annually. Series M and N interest compounds annually and is payable at maturity. CSI may prepay with accrued interest without penalty. Transfers require board approval and a $100 fee; the statement describes no established resale market. Its terms also address postponement of principal with interest continuing to accrue. [OS, pp. 13–20]
The statement describes trustee-held charges over Bathurst and Spadina, behind the VCIB mortgage and any drawn line of credit at the document date. Under specified conditions, the planned sale could discharge the Bathurst charge and leave the Spadina charge. The document does not independently value the property or establish that a future discharge occurred. [OS, pp. 1–3, 13–18, Schedule D]
CSI’s model assumed the conditional Bathurst sale would close in November 2025, followed by mortgage retirement and a transition to Spadina. The statement also identifies occupancy demand, deferred maintenance, interest rates, bond liquidity and creditor consent among its risks. These are dated disclosures; this page does not incorporate later events. [OS, pp. 6–13, Schedule E]
Schedule E is a pro forma prepared before the May 31, 2025 year end. This supplied PDF does not append completed 2024–25 audited financial statements or an auditor’s report. Section 8 says prospective investors may read “Financial Details,” but the PDF does not establish the assurance level or contents of that separate material. Its omission here does not establish a refusal. [OS, pp. 19–20, 35–36]
Related terms: bullet maturity · secured debt · senior debt · refinancing risk · collateral.
Not Rated · AI-generated document summary · No human analyst review or issuer contact. A standardized account of the disclosed financials, debt, security, contracts, projections and issuer risk factors.
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No analyst assessment has been completed for this security. A completed report would include its classification, evidence analysis and rationale.
No report is available for purchase.
Primary document: May 2025 Offering Statement (PDF) ↗. This page describes a dated Offering Statement and its appendices. It attributes business statements, forecasts and risk factors to the issuer. Subsequent events are not silently imported into the historical account.
Evidence limit: Permitted terms, actual availability and issued amounts are distinct observations. A document missing from a supplied PDF does not establish that it did not exist elsewhere or that the issuer refused to supply it. This public record contains no analyst repayment judgment, independently verified collateral valuation or estimate of recovery.