Latest Project Exit Marks Milestone of $100 Million Paid Back to Syndicate Mortgage Lenders
TORONTO, June 8, 2017 /CNW/ - Building and Development Mortgages Canada Inc. (BDMC) announced today that lenders in a syndicate mortgage that funded Brant Park, a Lamb Development Corp. (Lamb) and Fortress Real Developments Inc. (Fortress) condominium apartment project in downtown Toronto, received their principal back in full and an estimated annualized return of 8.12%.
The completion of construction and registration of Brant Park marks the 21st exit for lenders who have funded Fortress projects through a syndicate mortgage. To date, over $100 Million of principal has been repaid to lenders, and the average estimated annualized returns in the 21 completed projects is 9.3%. These exits have come via various mechanisms; completion of construction, sale of lands and refinance of the development site.
"The $100 million paid back to lenders is a major milestone in our industry," said BDMC principal broker, Ildina Galati. "This year alone we have exited five development projects and this is a testament to the borrowers we work with, their experience, the strong due diligence they do in terms of understanding the market and the value they create for all stakeholders involved in the projects."
"We are very proud of Brant Park," proclaims Fortress CEO Jawad Rathore, "Our partnership with Lamb has been tremendous so far with five completed projects, three currently under construction and two scheduled to break ground this year. We have a busy 2017 ahead of us with several projects completing and many ready to start construction."
"We are very pleased with returns our lenders have achieved through this structure," stated Glenn May-Anderson, Principal Broker at FDS Broker Services, who represents a large group of lenders in Brant Park. "This milestone shows that the age old method of lending through a syndicate is a great way to invest in real estate," he added.
BDMC has closed over 14,000 lenders into syndicate mortgages in 80 projects across Canada. The projects range from high-rise residential to condo commercial projects offering a variety of tenures and built forms for them to choose from. Through BDMC, over $885 million has been funded into development projects to date with the projects having a built out value of $6 billion.
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. 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. https://fortressrealdevelopments.com
SOURCE Building and Development Mortgages Canada Inc. (BDMC)
Media Contact: Jenni Byrne, Bayfield Strategy Inc., [email protected], (647) 477-3576
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