Click here to close now.




















Welcome!

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: 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.

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
Containers are not new, but renewed commitments to performance, flexibility, and agility have propelled them to the top of the agenda today. By working without the need for virtualization and its overhead, containers are seen as the perfect way to deploy apps and services across multiple clouds. Containers can handle anything from file types to operating systems and services, including microservices. What are microservices? Unlike what the name implies, microservices are not necessarily small,...
Moving an existing on-premise infrastructure into the cloud can be a complex and daunting proposition. It is critical to understand the benefits as well as the challenges associated with either a full or hybrid approach. In his session at 17th Cloud Expo, Richard Weiss, Principal Consultant at Pythian, will present a roadmap that can be leveraged by any organization to plan, analyze, evaluate and execute on a cloud migration solution. He will review the five major cloud transformation phases a...
ElasticBox, the agile application delivery manager, announced freely available public boxes for the DevOps community. ElasticBox works with enterprises to help them deploy any application to any cloud. Public boxes are curated reference boxes that represent some of the most popular applications and tools for orchestrating deployments at scale. Boxes are an adaptive way to represent reusable infrastructure as components of code. Boxes contain scripts, variables, and metadata to automate proces...
Puppet Labs has announced the next major update to its flagship product: Puppet Enterprise 2015.2. This release includes new features providing DevOps teams with clarity, simplicity and additional management capabilities, including an all-new user interface, an interactive graph for visualizing infrastructure code, a new unified agent and broader infrastructure support.
Contrary to mainstream media attention, the multiple possibilities of how consumer IoT will transform our everyday lives aren’t the only angle of this headline-gaining trend. There’s a huge opportunity for “industrial IoT” and “Smart Cities” to impact the world in the same capacity – especially during critical situations. For example, a community water dam that needs to release water can leverage embedded critical communications logic to alert the appropriate individuals, on the right device, as...
Amazon and Google have built software-defined data centers (SDDCs) that deliver massively scalable services with great efficiency. Yet, building SDDCs has proven to be a near impossibility for ‘normal’ companies without hyper-scale resources. In his session at 17th Cloud Expo, David Cauthron, founder and chief executive officer of Nimboxx, will discuss the evolution of virtualization (hardware, application, memory, storage) and how commodity / open source hyper converged infrastructure (HCI) so...
All major researchers estimate there will be tens of billions devices - computers, smartphones, tablets, and sensors - connected to the Internet by 2020. This number will continue to grow at a rapid pace for the next several decades. With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo, November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Learn what is going on, contribute to the discussions, and e...
WebRTC services have already permeated corporate communications in the form of videoconferencing solutions. However, WebRTC has the potential of going beyond and catalyzing a new class of services providing more than calls with capabilities such as mass-scale real-time media broadcasting, enriched and augmented video, person-to-machine and machine-to-machine communications. In his session at @ThingsExpo, Luis Lopez, CEO of Kurento, will introduce the technologies required for implementing thes...
SYS-CON Events announced today that Pythian, a global IT services company specializing in helping companies leverage disruptive technologies to optimize revenue-generating systems, has been named “Bronze Sponsor” of SYS-CON's 17th Cloud Expo, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Founded in 1997, Pythian is a global IT services company that helps companies compete by adopting disruptive technologies such as cloud, Big Data, advance...
In today's digital world, change is the one constant. Disruptive innovations like cloud, mobility, social media, and the Internet of Things have reshaped the market and set new standards in customer expectations. To remain competitive, businesses must tap the potential of emerging technologies and markets through the rapid release of new products and services. However, the rigid and siloed structures of traditional IT platforms and processes are slowing them down – resulting in lengthy delivery ...
Consumer IoT applications provide data about the user that just doesn’t exist in traditional PC or mobile web applications. This rich data, or “context,” enables the highly personalized consumer experiences that characterize many consumer IoT apps. This same data is also providing brands with unprecedented insight into how their connected products are being used, while, at the same time, powering highly targeted engagement and marketing opportunities. In his session at @ThingsExpo, Nathan Trel...
In his session at @ThingsExpo, Lee Williams, a producer of the first smartphones and tablets, will talk about how he is now applying his experience in mobile technology to the design and development of the next generation of Environmental and Sustainability Services at ETwater. He will explain how M2M controllers work through wirelessly connected remote controls; and specifically delve into a retrofit option that reverse-engineers control codes of existing conventional controller systems so the...
The web app is agile. The REST API is agile. The testing and planning are agile. But alas, data infrastructures certainly are not. Once an application matures, changing the shape or indexing scheme of data often forces at best a top down planning exercise and at worst includes schema changes that force downtime. The time has come for a new approach that fundamentally advances the agility of distributed data infrastructures. Come learn about a new solution to the problems faced by software organ...
U.S. companies are desperately trying to recruit and hire skilled software engineers and developers, but there is simply not enough quality talent to go around. Tiempo Development is a nearshore software development company. Our headquarters are in AZ, but we are a pioneer and leader in outsourcing to Mexico, based on our three software development centers there. We have a proven process and we are experts at providing our customers with powerful solutions. We transform ideas into reality.
With the Apple Watch making its way onto wrists all over the world, it’s only a matter of time before it becomes a staple in the workplace. In fact, Forrester reported that 68 percent of technology and business decision-makers characterize wearables as a top priority for 2015. Recognizing their business value early on, FinancialForce.com was the first to bring ERP to wearables, helping streamline communication across front and back office functions. In his session at @ThingsExpo, Kevin Roberts...