Our vision.

MHC is the nexus between intelligent capital and risk-adjusted real estate investment.

MHC preserves capital by adhering to a long-term asset management view while delivering greater than market returns through value-add investment strategies. Our goal remains simple: transition under-performing assets into high-quality, stable, income producing real estate within relatively short time-lines.

Dedicated to the integrity of achieving a positive outcome for investors, MHC is constantly recreating the formula of successful real estate investment. As market conditions change, opportunities rise and decline, MHC remains vigilent in seeking demand driven investment opportunities that achieve growth rated returns at lower overall risk.

Acquisitions Profile.


Currently focused on Vancouver and the Lower Mainland, Southern Vancouver Island, Calgary and Edmonton.


Residential and mixed-use is a key focus, but we have expertise in office, retail and industrial development. We seek transformative redevelopment opportunities.


$5 – $50 million CAD


MHC partners with real estate investors and/or developers who are seeking a capital partner with real estate expertise and/or a development management partner who can realize their property development vision and participate on an equity basis.


MHC seeks real estate development and redevelopment opportunities which target a 3 year completion and 20% IRR.

The Partners

Our entrepreneurial and innovative team have completed numerous acquisitions, project financings and developments throughout Canada and the United States.

David Fullbrook, CEO, Development & Acquisitions

David is a principal and founder of Merchant House Capital. He has held various senior executive positions in a number of real estate development and investment partnerships since establishing Merchant House Capital in 2010. David began his first commercial real estate company, Pacific 1 Properties in Portland, Oregon in 1993 at the age of 27. He completed his undergraduate degree at Simon Fraser University in Burnaby, BC and his graduate studies at Royal Roads University in Victoria, BC in leadership and entrepreneurial studies. David currently serves as a board member of the Greater Victoria Housing Society.

In Vancouver or Victoria:

Phone: 250.538.8048

Email: David@MerchantHouseCapital.com

Paul Silk,  President, COO

Paul is a principal of Merchant House Capital. Paul brings over 10 years of experience in stakeholder relations, fundraising and real estate in both profit and non-profit environments. Over his career, Paul has raised over $200m from individuals, family offices and institutions to invest in Western Canadian Real Estate. Paul holds a Masters in Business Administration from UBC, and also has a Bachelor of Arts degree from Queen’s University and a Bachelor of Education degree from the University of British Columbia. Paul has completed three real estate licensing courses at the Sauder School of Business including Rental Property Management, Strata Management and Real Estate Trading Services. Paul also served as a member of the  Advisory Committee at the Vancouver Foundation.

In Vancouver:

Phone: 604.928.7455
Email: Paul@MerchantHouseCapital.com

Kyle Jacober, Investor Relations

Kyle Jacober is a partner of Merchant House Capital.  Kyle is a capital markets investment specialist with extensive expertise in Canadian real estate investment across multiple product types. Founder and Director of Raintree Financial Service, Mr. Jacober grew Raintree since its inception in 2010 into one of the largest exempt market dealers in Canada.

In Alberta:

Phone: 780.709.5595
Email: Kyle@MerchantHouseCapital.com

Kris Brawley, Development Management

Kris Brawley is a partner of Merchant House Capital.  Kris is a professional development manager with extensive development experience across North America. Kris is a principal and director of Ecovelopment Projects Inc., a development management firm with over $200m of completed projects across Canada since 2007. Kris holds a Masters of Education degree from Lewis and Clark College, Portland, Oregon and a Bachelor of Science (Business) from San Diego State University.

Completed Projects

Dominion Rocket

The renovation of a 100 year old heritage-designated building in the heart of Victoria, BC from a historic hotel to a 97 micro-unit apartment building with common areas for tenants. The approach was to reveal the hotel’s rich history while updating the living experience to express modern convenience and design. Address: 759 Yates Street, Victoria BC

The Nature's Building on Corbett

The original home of Portland's renowed Nature's Organic Grocery Store, the Corbett Building was seismically upgraded, the commercial spaces converted to multi-tenancy, and the 8 second floor apartments renovated. Sold in 2010.
Address: 5901 SW Corbett, Portland, Oregon

The Willamette Building

The Willamette Building afforded the opportunity to acquire a historically significant building in the commercial district of downtown Portland. Rebranded as Portland's Jewelry Building and renovated to restore the buildings heritage, the property was sold to a local investor group in 2009.
Address: 534 SW Third Ave, Portland, Oregon

The Gilbert Building

A single-tenant heritage building occupying the full block at Third and Taylor in downtown Portland, The Gilbert Building was renovated in 2006-08 into a multi-tenant office building with ground floor retail.
Address: 333 SW Taylor Street, Portland, Oregon

Beaverton Town Square

West-side Portland's distinctive Beaverton Town Square was completely renovated and re-tenanted in 2006. The financial operation of the property was restructured with the acquisition of the land lease from Metropolitan Life in 2008, releasing a number of pad sites for redevelopment.
Address: 11665 SW Beaverton Hillsdale Hwy, Beaverton, Oregon

Bayview Place and the Roundhouse

A 1.3m sf master planned community located in the Inner Harbour of Victoria, BC, which includes: Promontory, a joint venture with BOSA Properties (Jan 2015); development permit and heritage alteration permit approval for the redevelopment of the National Historic Esquimalt & Nanaimo Roundhouse into an urban retail marketplace (June 2015); and development permit approval and sale of Encore, a joint venture with BOSA Properties (August 2015).
Address: 80 Saghalie Road, Victoria, BC

Place Trans Canadienne – TransCanada Place

A joint venture with GE Capital, Place Trans Canadienne is the successful conversion of 180,000sf of industrial warehouse into large-format retail. Located on the West-Isle of Montreal, the project was commenced in 2009 and sold to Laurentian Bank in 2013 as a stabilized property.
Address: 2044-2082 Trans Canadienne Hwy, Montreal, Quebec

The Hummingbird Building

With a single-tenant building on a short term lease, a joint venture was entered into with the existing ownership group which brought together the capital and management expertise to re-tenant the building into a multi-tenant commercial office building at higher rents and greater stability. Sold to BTB Reit in 2013.
Address: 80 Aberdeen, Ottawa, ON

The Trebla Building

A 139,000sf Class B office building purchased for $19,500,000 in 2008 and sold in 2012 for $31,000,000. The building had 81,000sf of vacancy and was in need of significant upgrades. The building was renovated, to include a guaranteed energy performance contract, and the vacant space was leased to the PWGSC.
Address: 473 Albert Street, Ottawa, ON

Contact Merchant House Capital

For inquiries regarding financing or real estate opportunities, please fill in the following contact form: