Fortress Real Capital Strikes a Deal to Fund a New Waterfront Development in Burlington

Waterfront views and downtown living often meant having to make a choice, but not any more on the shores of Burlington's newest large scale development project. Fortress Real Developments executives, EVP Frank Margani and COO Vince Petrozza (both licensed mortgage agents and broker with Centro Mortgage Inc), have announced an agreement to provide funding for Mady's new mixed use project residing on 1.68 acres of prime waterfront land.
Mady CEO, Charles Mady, gushed about the site. "This property is special," said the venerable developer. "How many places can you build directly on the water, but also be downtown?" The project will feature two condo towers of 22 and 7 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 Petrozza. "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 wildly successful 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 EVP 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."
A press conference was held on Tuesday on site that generated tremendous local interest. Burlington's mayor, Rick Goldring, spoke at length about the project and his enthusiasm for its launch. "I am pleased with the improvements planned for the lakeshore," he said, "to maintain a welcome and accessible waterfront. The Bridgewater project is an example of ways that we can continue to grow through intensification, while preserving public access and visibility of our waterfront on Lake Ontario." Mayor Goldring went on to praise the effect the project will have on energising the city's waterfront. "This will be a landmark building on our waterfront," he said. "It really will extend Spencer Smith Park east."
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.

on July 3, 2013