12/07/2016
Syndicate Mortgage Lenders Exit Downtown Toronto Condominium Development:
TORONTO, Dec. 5, 2016 /CNW/ - Building and Development
Mortgages Canada Inc. (BCMC) announced today that lenders in a syndicate mortgage that funded King Charlotte, a Lamb Development Corp. (LDC) and Fortress Real Developments Inc. (Fortress) project in Toronto, received their principal back in full and an estimated total return of 48.69%* which included 8%* per annum over six years.
LDC and Fortress partnered on King Charlotte, a 32-storey, 232 unit condominium apartment project located in the heart of Toronto's King West (Entertainment) district. The 9,646 sf mid-block site at 11 Charlotte Street was acquired in October of 2010. The sleek modern high-rise building was designed by Peter Clewes of architectsAlliance, with interiors programmed by II by IV Design. A successful sales launch in 2011 led to a fall 2012 construction start. Occupancy at the project commenced in late 2015 and registration was granted last month.
"King Charlotte is a stunning addition to the Entertainment District and is a testament to doing real estate right. We purchased the site well and the design was inspired by the tight restrictions of the site," said Jawad Rathore, President & CEO of Fortress. "The location and design made this project highly desirable, to the point, several Toronto sports personalities have chosen to call King Charlotte home."
Vince Petrozza, COO at Fortress added, "Brad Lamb and his team have a proven track record for developing successful condominium developments. We are proud that Lamb and Fortress have provided a healthy return on investment to their lenders, and in turn, helped many young families achieve their goal of homeownership in Toronto's vibrant downtown core."
"King Charlotte is a perfect example of a well analyzed real estate opportunity which combined a strong market, an experienced developer and well purchased land," stated BDMC principal Ildina Galati. "We are pleased that syndicate mortgage lenders have benefited from this well executed real estate transaction."
Lamb Development Corp. and Fortress Real Developments have partnered on 13 projects together in Ontario and Alberta. Four projects have been completed (three fully occupied), three projects are currently under construction and four are expected to start construction next year.
About the Companies
Building & Development Mortgages Canada Inc. - established in 2007, is a premier mortgage brokerage licensed in Ontario, Nova Scotia, Alberta, Manitoba, British Columbia and Saskatchewan. BDMC closes all of the syndicate mortgage transactions that fund Fortress projects. For more information visit: https://bdmc.ca
Fortress Real Developments Inc. - Fortress is a Canadian real estate development company that seeks out and analyzes opportunities in major Canadian markets. The company is focused on quality projects with recognizable alpha in residential low-rise, high-rise, commercial and industrial market segments. For more information on Fortress projects, visit: https://fortressrealdevelopments.com
Lamb Development Corp. - LDC was founded in 2001 by Toronto's top condominium broker, Brad J. Lamb, to directly participate in the development of stylish, urban condominium projects. LDC has become one of the country's busiest development companies, with each project pioneering up-and-coming locations and delivering a stylish, urban solution to each property.
