Fortress Real Capital to fund Mady Development’s new Burlington waterfront development
Fortress Real Developments announced an agreement to provide funding for a new mixed-use project on 1.68 acres of waterfront land in Burlington, Ont. Being built by Mady Development, the project will feature two condo towers of 22 and seven storeys, an eight-storey four star hotel, 11,000 square feet of retail, three levels of underground parking and an outdoor plaza that will connect to the waterfront trail.
”This is our third project in Burlington and we’re looking at more opportunities”, said Vince Petrozza, COO at Fortress. “It’s a market that our research has identified as having strong growth metrics and our success to date on current sites here just reinforces that.”
Fortress Real Capital is an RSP eligible syndicate mortgage investment product that allows consumers to invest directly into different Canadian development projects. Burlington on the Water is the third venture with Mady that has been funded by Fortress clients, coming on the heels of the recently announced mega-project in Winnipeg and the Collier Centre and Lakeview Condominiums in Barrie.
“I’ve known Mady Development for years from my previous career in development and construction banking and they have consistently picked winners and this project is poised to be another”, said Fortress executive vice president Frank Margani. “Investors in this project will be very pleased with their returns and are in a terrific risk position. They’ll initially hold a first position, zoning is already in place and the team that has been assembled to complete the project is just top notch. The offering we put out was in huge demand and is already fully subscribed. There is currently no room for new investors and we already have a waiting list for new investors to get in.”
The full team includes Page and Steele/IBI Group as the architects, Gluckstein for interior design, the Condo Store handling sales, and LCL Builds leading the construction; builders of Toronto’s Trump International condo and hotel.