TORONTO, Oct. 2, 2017 /CNW/ - Building and Development Mortgages Canada Inc. (BDMC) announced today that lenders in a syndicate mortgage that funded a Brampton residential project by Fortress Real Developments Inc. (Fortress) and Flato Developments Inc., received their principal back in full and an estimated annualized return of 8.3%*.
In 2013, Fortress and Flato partnered on the Alloa Greens development, known internally as Mayfield 3, the third such partnership in north Brampton between the two firms. The development features 81 townhouses and 48 single-detached homes within a master-planned community. The homes went on sale in early 2015 and site servicing commenced in late 2015, with the first residents taking possession in 2016. The community also includes homes from major builders including Grand Brook Homes and Cornerstone Communities.
"The exit of this project comes from the build out of homes in the Alloa Greens community," stated Ildina Galati, Principal Broker for BDMC. "The expertise of the development team and strength of the market allowed all lenders to exit this project on time."
"Flato is an experienced development group that understands the Brampton market and they were able to deliver beautiful, affordable homes to their owners in this master-planned community." said Jawad Rathore, President & CEO of Fortress Real Developments. "We have had the pleasure of working with Flato Developments in Markham and Brampton, and this project marks the completion of our 5th project in this partnership."
This project marks the 24th exit for the BDMC development offering portfolio and the 7th exit in 2017. To date over $100 Million of lender principal has been paid back with the average estimated annualized returns at 9.27% (unweighted). BDMC anticipates the exit of another five projects over the next 60 days.
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
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)
SOURCE Building and Development Mortgages Canada Inc. (BDMC)
For further information: Media Contact: Jenni Byrne, Bayfield Strategy Inc., [email protected], (647) 477-3576