Click here to close now.


News Feed Item

Fortress Announces Multi-Party Funding Agreement to Re-Launch Canada's Largest Asian Mall

TORONTO, ONTARIO -- (Marketwired) -- 06/02/14 -- Editors note: There is a photo associated with this press release.

The crane is swinging again and work has recommenced at the site of a major Asian commercial development thanks to the ingenuity of some creative executives.

"I'm very pleased to announce that we are now part of the King Square commercial development. We are going to have a very busy site as we move towards completion and first occupancy in 2015," remarked Jawad Rathore, CEO and President of Fortress Real Developments.

Envisioned by King Square Ltd, the high-end mixed use project boasts over 340,000 square feet of premium shops, restaurants and convention space in the heart of Richmond Hill and Markham's growing Asian population.

"This project is 25% bigger than Pacific Mall and will include high end restaurants and shopping to really service the growing Asian population and give them somewhere remarkable to shop, dine and play," said Oswin Tong, Planning Manager for King Square Ltd. and the founder of the project.

Sales of the shops, stalls and larger retail spaces were brisk when the project launched in 2013 as the development team continued to push forward, pouring more and more capital into the project. A cost consultant report from Altus Group, a prominent real estate consulting firm, showed over $38M of work in place by the time the basement was completed; all this without any construction financing secured.

"We knew that to finish the project we would require traditional bank financing," said Tong. "We turned to a top broker to help us arrange the financing."

Enter the team from OMJ Mortgage Capital and their principal Omid Jalili. A mortgage broker for more than 15 years, Omid knew that the capital stack would require several pieces to execute this complicated funding. His team carefully diagrammed what financing would be needed and started projecting which players would need to be involved. "This is a great deal and it needed a great team to make it happen. I'm very pleased that OMJ has helped facilitate the re-start of this landmark project," said Jalili. "King Square Ltd was prepared to contribute more equity and I knew I'd need another equity player to get us to the finish line. Other syndicate mortgage providers tried to get involved, but I knew that only Fortress had the ability to deliver the capital and could also bring valuable development and financing experience to the table."

Jalili teamed up with Frank Margani, EVP at Fortress Real Developments (also a licensed mortgage agent), and the financing plan started to come together. Using his years of experience and relationships, Margani brought in Firm Capital Corporation, a Toronto based mortgage bank, and Aviva Insurance, a deposit bonder, to provide the balance of the funding.

"When I looked at this deal, I saw a very attractive offering that had tremendous equity already in it and a low loan to value ratio below 50%. The sales in place offer excellent exposure coverage for all lenders from the first mortgage construction lender all the way to the Fortress Real Capital syndicate mortgage investors," said Margani. "Firm Capital Corporation is looking to do more bank grade deals and King Square certainly fits the bill."

With all agreements executed, Varcon has recommenced work on the massive site on Woodbine Avenue just north of 16th Avenue. "We have liked this deal from the start and have already injected $3.5M of our own capital into the site to get it going again," shared Vince Petrozza, Fortress COO and also a licensed mortgage broker. "This is why we're the best in the syndicate space. We have the best combination of skill, capital and experience. It's how we built our reputation and we're very proud of that."

A limited number of units are still available and occupancy of the first level is expected in late 2015.

About the Companies

Fortress Real Developments Inc. - Fortress Real Developments Inc. is a Canadian real estate development company that seeks out and analyzes investment 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 visit:

Firm Capital Corporation - As a leading non-bank lender, Firm Capital Corporation provides Construction, Equity, and Conventional Real Estate Finance to the builder, developer, and real estate owner marketplace. In 2013 Firm Capital Corporation completed $665 million in financing transactions. For more information, visit:

King Square Ltd.- King Square Ltd. was formed in 2010 by a group of accomplished professionals with diverse & extensive experience involving all facets of real estate development. For more information visit:

To view the photo associated with this press release, please visit the following link:

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
The Internet of Things (IoT) is growing rapidly by extending current technologies, products and networks. By 2020, Cisco estimates there will be 50 billion connected devices. Gartner has forecast revenues of over $300 billion, just to IoT suppliers. Now is the time to figure out how you’ll make money – not just create innovative products. With hundreds of new products and companies jumping into the IoT fray every month, there’s no shortage of innovation. Despite this, McKinsey/VisionMobile data...
Culture is the most important ingredient of DevOps. The challenge for most organizations is defining and communicating a vision of beneficial DevOps culture for their organizations, and then facilitating the changes needed to achieve that. Often this comes down to an ability to provide true leadership. As a CIO, are your direct reports IT managers or are they IT leaders? The hard truth is that many IT managers have risen through the ranks based on their technical skills, not their leadership ab...
Just over a week ago I received a long and loud sustained applause for a presentation I delivered at this year’s Cloud Expo in Santa Clara. I was extremely pleased with the turnout and had some very good conversations with many of the attendees. Over the next few days I had many more meaningful conversations and was not only happy with the results but also learned a few new things. Here is everything I learned in those three days distilled into three short points.
DevOps is about increasing efficiency, but nothing is more inefficient than building the same application twice. However, this is a routine occurrence with enterprise applications that need both a rich desktop web interface and strong mobile support. With recent technological advances from Isomorphic Software and others, rich desktop and tuned mobile experiences can now be created with a single codebase – without compromising functionality, performance or usability. In his session at DevOps Su...
As organizations realize the scope of the Internet of Things, gaining key insights from Big Data, through the use of advanced analytics, becomes crucial. However, IoT also creates the need for petabyte scale storage of data from millions of devices. A new type of Storage is required which seamlessly integrates robust data analytics with massive scale. These storage systems will act as “smart systems” provide in-place analytics that speed discovery and enable businesses to quickly derive meaningf...
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
In his General Session at 17th Cloud Expo, Bruce Swann, Senior Product Marketing Manager for Adobe Campaign, explored the key ingredients of cross-channel marketing in a digital world. Learn how the Adobe Marketing Cloud can help marketers embrace opportunities for personalized, relevant and real-time customer engagement across offline (direct mail, point of sale, call center) and digital (email, website, SMS, mobile apps, social networks, connected objects).
The buzz continues for cloud, data analytics and the Internet of Things (IoT) and their collective impact across all industries. But a new conversation is emerging - how do companies use industry disruption and technology enablers to lead in markets undergoing change, uncertainty and ambiguity? Organizations of all sizes need to evolve and transform, often under massive pressure, as industry lines blur and merge and traditional business models are assaulted and turned upside down. In this new da...
In recent years, at least 40% of companies using cloud applications have experienced data loss. One of the best prevention against cloud data loss is backing up your cloud data. In his General Session at 17th Cloud Expo, Sam McIntyre, Partner Enablement Specialist at eFolder, presented how organizations can use eFolder Cloudfinder to automate backups of cloud application data. He also demonstrated how easy it is to search and restore cloud application data using Cloudfinder.
The Internet of Everything is re-shaping technology trends–moving away from “request/response” architecture to an “always-on” Streaming Web where data is in constant motion and secure, reliable communication is an absolute necessity. As more and more THINGS go online, the challenges that developers will need to address will only increase exponentially. In his session at @ThingsExpo, Todd Greene, Founder & CEO of PubNub, exploreed the current state of IoT connectivity and review key trends and t...
Two weeks ago (November 3-5), I attended the Cloud Expo Silicon Valley as a speaker, where I presented on the security and privacy due diligence requirements for cloud solutions. Cloud security is a topical issue for every CIO, CISO, and technology buyer. Decision-makers are always looking for insights on how to mitigate the security risks of implementing and using cloud solutions. Based on the presentation topics covered at the conference, as well as the general discussions heard between sessi...
We all know that data growth is exploding and storage budgets are shrinking. Instead of showing you charts on about how much data there is, in his General Session at 17th Cloud Expo, Scott Cleland, Senior Director of Product Marketing at HGST, showed how to capture all of your data in one place. After you have your data under control, you can then analyze it in one place, saving time and resources.
With all the incredible momentum behind the Internet of Things (IoT) industry, it is easy to forget that not a single CEO wakes up and wonders if “my IoT is broken.” What they wonder is if they are making the right decisions to do all they can to increase revenue, decrease costs, and improve customer experience – effectively the same challenges they have always had in growing their business. The exciting thing about the IoT industry is now these decisions can be better, faster, and smarter. Now ...
The cloud. Like a comic book superhero, there seems to be no problem it can’t fix or cost it can’t slash. Yet making the transition is not always easy and production environments are still largely on premise. Taking some practical and sensible steps to reduce risk can also help provide a basis for a successful cloud transition. A plethora of surveys from the likes of IDG and Gartner show that more than 70 percent of enterprises have deployed at least one or more cloud application or workload. Y...
Continuous processes around the development and deployment of applications are both impacted by -- and a benefit to -- the Internet of Things trend. To help better understand the relationship between DevOps and a plethora of new end-devices and data please welcome Gary Gruver, consultant, author and a former IT executive who has led many large-scale IT transformation projects, and John Jeremiah, Technology Evangelist at Hewlett Packard Enterprise (HPE), on Twitter at @j_jeremiah. The discussion...