|By Marketwired .||
|June 2, 2014 11:44 AM EDT||
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: http://fortressrealdevelopments.com.
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: www.firmcapital.com.
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: http://kingsquare.ca.
To view the photo associated with this press release, please visit the following link: http://www.marketwire.com/library/20140602-KingSquare.jpg.
Machine Learning helps make complex systems more efficient. By applying advanced Machine Learning techniques such as Cognitive Fingerprinting, wind project operators can utilize these tools to learn from collected data, detect regular patterns, and optimize their own operations. In his session at 18th Cloud Expo, Stuart Gillen, Director of Business Development at SparkCognition, discussed how research has demonstrated the value of Machine Learning in delivering next generation analytics to impr...
Oct. 23, 2016 08:00 AM EDT Reads: 5,674
@ThingsExpo has been named the Top 5 Most Influential Internet of Things Brand by Onalytica in the ‘The Internet of Things Landscape 2015: Top 100 Individuals and Brands.' Onalytica analyzed Twitter conversations around the #IoT debate to uncover the most influential brands and individuals driving the conversation. Onalytica captured data from 56,224 users. The PageRank based methodology they use to extract influencers on a particular topic (tweets mentioning #InternetofThings or #IoT in this ...
Oct. 23, 2016 08:00 AM EDT Reads: 8,315
For basic one-to-one voice or video calling solutions, WebRTC has proven to be a very powerful technology. Although WebRTC’s core functionality is to provide secure, real-time p2p media streaming, leveraging native platform features and server-side components brings up new communication capabilities for web and native mobile applications, allowing for advanced multi-user use cases such as video broadcasting, conferencing, and media recording.
Oct. 23, 2016 07:00 AM EDT Reads: 4,094
Amazon has gradually rolled out parts of its IoT offerings, but these are just the tip of the iceberg. In addition to optimizing their backend AWS offerings, Amazon is laying the ground work to be a major force in IoT - especially in the connected home and office. In his session at @ThingsExpo, Chris Kocher, founder and managing director of Grey Heron, explained how Amazon is extending its reach to become a major force in IoT by building on its dominant cloud IoT platform, its Dash Button strat...
Oct. 23, 2016 06:30 AM EDT Reads: 4,735
DevOps is speeding towards the IT world like a freight train and the hype around it is deafening. There is no reason to be afraid of this change as it is the natural reaction to the agile movement that revolutionized development just a few years ago. By definition, DevOps is the natural alignment of IT performance to business profitability. The relevance of this has yet to be quantified but it has been suggested that the route to the CEO’s chair will come from the IT leaders that successfully ma...
Oct. 23, 2016 06:15 AM EDT Reads: 16,344
SYS-CON Events announced today that SoftNet Solutions will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. SoftNet Solutions specializes in Enterprise Solutions for Hadoop and Big Data. It offers customers the most open, robust, and value-conscious portfolio of solutions, services, and tools for the shortest route to success with Big Data. The unique differentiator is the ability to architect and ...
Oct. 23, 2016 06:00 AM EDT Reads: 683
A critical component of any IoT project is what to do with all the data being generated. This data needs to be captured, processed, structured, and stored in a way to facilitate different kinds of queries. Traditional data warehouse and analytical systems are mature technologies that can be used to handle certain kinds of queries, but they are not always well suited to many problems, particularly when there is a need for real-time insights.
Oct. 23, 2016 05:30 AM EDT Reads: 3,920
DevOps is being widely accepted (if not fully adopted) as essential in enterprise IT. But as Enterprise DevOps gains maturity, expands scope, and increases velocity, the need for data-driven decisions across teams becomes more acute. DevOps teams in any modern business must wrangle the ‘digital exhaust’ from the delivery toolchain, "pervasive" and "cognitive" computing, APIs and services, mobile devices and applications, the Internet of Things, and now even blockchain. In this power panel at @...
Oct. 23, 2016 05:15 AM EDT Reads: 1,834
@DevOpsSummit has been named the ‘Top DevOps Influencer' by iTrend. iTrend processes millions of conversations, tweets, interactions, news articles, press releases, blog posts - and extract meaning form them and analyzes mobile and desktop software platforms used to communicate, various metadata (such as geo location), and automation tools. In overall placement, @DevOpsSummit ranked as the number one ‘DevOps Influencer' followed by @CloudExpo at third, and @MicroservicesE at 24th.
Oct. 23, 2016 04:00 AM EDT Reads: 3,924
SYS-CON Events announced today that Interface Masters Technologies, a leader in Network Visibility and Uptime Solutions, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Interface Masters Technologies is a leading vendor in the network monitoring and high speed networking markets. Based in the heart of Silicon Valley, Interface Masters' expertise lies in Gigabit, 10 Gigabit and 40 Gigabit Eth...
Oct. 23, 2016 03:45 AM EDT Reads: 3,305
One of biggest questions about Big Data is “How do we harness all that information for business use quickly and effectively?” Geographic Information Systems (GIS) or spatial technology is about more than making maps, but adding critical context and meaning to data of all types, coming from all different channels – even sensors. In his session at @ThingsExpo, William (Bill) Meehan, director of utility solutions for Esri, will take a closer look at the current state of spatial technology and ar...
Oct. 23, 2016 03:45 AM EDT Reads: 1,694
Everyone knows that truly innovative companies learn as they go along, pushing boundaries in response to market changes and demands. What's more of a mystery is how to balance innovation on a fresh platform built from scratch with the legacy tech stack, product suite and customers that continue to serve as the business' foundation. In his General Session at 19th Cloud Expo, Michael Chambliss, Head of Engineering at ReadyTalk, will discuss why and how ReadyTalk diverted from healthy revenue an...
Oct. 23, 2016 03:30 AM EDT Reads: 2,952
As software becomes more and more complex, we, as software developers, have been splitting up our code into smaller and smaller components. This is also true for the environment in which we run our code: going from bare metal, to VMs to the modern-day Cloud Native world of containers, schedulers and microservices. While we have figured out how to run containerized applications in the cloud using schedulers, we've yet to come up with a good solution to bridge the gap between getting your conta...
Oct. 23, 2016 03:30 AM EDT Reads: 1,442
Without lifecycle traceability and visibility across the tool chain, stakeholders from Planning-to-Ops have limited insight and answers to who, what, when, why and how across the DevOps lifecycle. This impacts the ability to deliver high quality software at the needed velocity to drive positive business outcomes. In his session at @DevOpsSummit 19th Cloud Expo, Eric Robertson, General Manager at CollabNet, will show how customers are able to achieve a level of transparency that enables everyon...
Oct. 23, 2016 03:00 AM EDT Reads: 1,272
SYS-CON Events announced today that Streamlyzer will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Streamlyzer is a powerful analytics for video streaming service that enables video streaming providers to monitor and analyze QoE (Quality-of-Experience) from end-user devices in real time.
Oct. 23, 2016 02:30 AM EDT Reads: 941