TORONTO, July 6, 2017 /CNW/ - Building and Development Mortgages Canada Inc. (BDMC) announced today that a majority of lenders in a syndicate mortgage funding on Kingridge Square (a Kingridge Developments (Kingridge) and Fortress Real Developments Inc. (Fortress) project in Oakville) received their principal back in full with an average annual return of over 8%.
Lenders were paid out through the completion of construction and registration of the 4.95 acre office and commercial condominium development, located on Speers Road, just east of Dorval Drive in south Oakville. The development features four buildings that are occupied by a variety of small businesses including accountants, tax advisors, lawyers, engineering firms, insurance agents, investment planners, realtors, construction companies, and medical professionals.
In a press release from Fortress last week, CEO Jawad Rathore stated, "We are very proud of Kingridge Square. It was originally envisioned as a high-rise apartment site, but our partner Dan Marion of Kingridge Developments immediately recognized the opportunity to shift the use to a low-rise office and commercial condo development. We were fully on board with the shift in built form, and the results speak for themselves."
This latest exit brings upon our second milestone in the last 30 days, the exit of 25% of our project offering portfolio. Projects have exited through a variety of mechanisms available in the development space, completion of project, sale of projects and refinancing of a project. To date over $100Million of lender principal has been paid back and the average estimated annualized returns in the 22 exited projects is 9.27%
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 $890 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
Kingridge Developments is a fully integrated development company headquartered in Oakville, Ontario. For over a decade, the management of this dynamic and growth-driven company have acquired and developed single and multi-unit residential and commercial projects throughout southern Ontario. http://kingridgedevelopments.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)
For further information: Media Contact: Jenni Byrne, Bayfield Strategy Inc., [email protected], (647) 477-3576