TORONTO, June 23, 2015 /CNW/ - Centro Mortgage Inc. announced today that investors in a syndicate mortgage that funded a Fortress Real Developments Inc. (Fortress) project in Brampton received a Deferred Lender Fee and their principal back in full, following 32 months of 8% annualized returns that were paid quarterly.
Marketed by Fortress as Mayfield 1, this 17 unit townhouse community is located off Stewardship Crescent and Sail Road in Brampton. The homes will be part of a larger planned community, Upper Mount Pleasant, which is under construction at Wanless Drive and Creditview Road. The development includes such prestigious builders as Paradise Homes and Opus Homes.
Vince Petrozza, a mortgage broker with Centro Mortgage Inc., announced the return of capital on a complete exit last week. "Our Mayfield project delivered 28.85% returns to investors, 10.28% annualized, which included a Deferred Lender Fee at completion. We were very happy for the syndicate mortgage investors in this project, and I was personally satisfied that Flato and Fortress delivered on their promises. When we expound the virtues of investing in real estate, it is because we witness these results – a win-win-win for all participants in the deal."
"We can't get enough of Brampton" expressed Ben Myers, the Senior Vice President of Market Research and Analytics at Fortress Real Developments. "The municipality has consistently been the best-selling market for ground-oriented new homes sales, outselling every other GTA city over the past 12 months."
Fortress CEO Jawad Rathore added, "When we're evaluating the market exposure on a deal like this, we like to say that low rise is low risk. Demand is just so strong for this product type in Brampton, just last month there was a line-up down the street for the latest builder release at Upper Mount Pleasant."
Fortress' partner on the project, Flato Developments and their consultant Gagnon & Law Urban Planners Ltd., were able to get the lands approved quickly in 2013 and full site servicing commenced last year.
Mayfield 1 is the second of two exits by the team of Flato Developments and Fortress Real Developments in Brampton in 2015. The first exit was achieved earlier this year on the Countryside Crossing project.
About the Companies
Centro Mortgage Inc. - Centro Mortgage Inc., established in 2007, is a premier mortgage brokerage licensed in Ontario, Nova Scotia, Alberta, Manitoba, British Columbia & Saskatchewan. Centro closes all of the syndicate mortgage transactions that fund Fortress projects. Syndicate Mortgages offered by Centro are RSP eligible and allow consumers to invest directly into the proven market of Canadian real estate by becoming a mortgage lender. For more information visit: http://fortressrealcapital.com (The following are licensed through Centro Mortgage Inc. - Vince Petrozza, Mortgage Broker, lic# M08007162)
Fortress Real Developments Inc. - 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. For more information on Fortress projects, visit: http://fortressrealdevelopments.com.
SOURCE Fortress Real Developments
For further information: Media Contact: Natasha Alibhai, Fortress Real Developments, [email protected], Phone: (905) 787-9266 ext. 235