Mortgage investors paid off for Fortress Burlington project

Centro Mortgage Inc. says investors in a syndicate mortgage that funded a Fortress Real Developments Inc. project in Burlington have received their principle back in full, in addition to receiving over 27 per cent total return; an 8.25 per cent annualized return on their investment.

In 2012, Fortress and partners ADI Development Group (ADI) purchased land at 1284 Guelph Line in Burlington, Ontario with the plan to build a four-storey contemporary mid-rise condominium apartment, the news release reported.

“The site was located in a burgeoning residential neighbourhood with convenient access to the QEW and Highway 407,” said Fortress CEO Jawad Rathore. “We loved the sleek look and boutique nature of the proposed project, which we recognized was lacking not only in Burlington, but throughout the GTA suburbs.”

The development was marketed as Mod’rn, and nearly sold out of its 78 units on its first day of public sales,  Construction started in 2013 and the project sold out, occupied and registered by the end of 2015.

Fortress COO Vince Petrozza said: “Even we were taken aback by the early sales success. ADI’s contemporary designs coupled with Baker Real Estate’s sales expertise were key to the high unit absorption.”

Fortress and ADI are partnered on two other developments, the under construction Link Condos + Towns in north Burlington, and Station West, an upcoming urban townhouse development adjacent to the Aldershot GO Station in south Burlington.